(1) The House of Assembly may by resolution provide that any class of goods specified in the resolution be exempt from import duties of customs if such goods are imported or entered for use by any development company for the purpose of conducting or expanding the development enterprise declared in any development order during any period to be fixed by the Minister in each particular case, not being a period terminating later than the date prescribed in the resolution as the last day on which such exemption shall be operative, and subject to such conditions as the Minister may impose.
(2) Despite the provisions of subsection (1), an exemption provided for by any resolution under this section is operative only in favour of a development company which holds a licence issued to it under the provisions of subsection (3).
(3) The Minister may, on application made to him or her in writing, in his or her discretion issue to any development company a licence entitling such development company to the benefit of any exemption provided for by any resolution under this section, and any such licence shall specify the period during which and the conditions subject to which the licensee shall be entitled to such benefits.
(Inserted by Act 15 of 1966)