§ 76. Surrender of grant. A grantee or his successor in interest, may
at his option surrender to the state, without consideration or for a
compensation to be determined by the commissioner, the lands under water
theretofore granted to him or any part thereof, by filing with the
commissioner a certificate duly executed and acknowledged, declaring his
intention of such surrender and containing a description of the lands
surrendered, subject to the acceptance of such surrender by the
commissioner; and such surrender when so accepted shall be without
prejudice to an application for a new grant upon such terms and
conditions as the commissioner may determine.