(1) In the circumstances described in subsection (2), the Minister in his or her discretion may by order transfer the status of a development company in respect of a development enterprise to another company and thereupon all the rights, privileges, benefits, immunities, duties and obligations conferred and imposed by or under this Act upon the development company are hereby conferred and imposed upon that other company in all respects as though that other company and not the development company had been named in the order by the Governor General under section 5 in respect of that development enterprise.
(2) An order under this section may be issued by the Minister—
(a) where the development company is conveying as a going concern to another company as purchaser and such other company intends to continue the operations of the development enterprise; or
(b) where in the opinion of the Minister in any case not elsewhere provided for by this subsection it would be equitable or in the public interest to transfer the status of the development company in respect of a development enterprise to another company.
(3) Before making an order under this section, the Minister may require the company acquiring the development company to comply with such conditions and to give such undertakings and assurances in such form as the Minister may consider advisable in the public interest.
(Inserted by Act 15 of 1966)