Surrender of franchise refers to the termination of a franchise by its voluntary surrender by the grantee.
A surrender of a franchise by a corporation is the voluntary death of the corporation and is one mode by which it may cease to exist. [Houston v. Jefferson College, 63 Pa. 428 (Pa. 1869)].
For a public service corporation to surrender a franchise, corporate action on its part in that behalf is necessary. [Gassaway v. Gassaway Gas Co., 75 W. Va. 60 (W. Va. 1914)].