Subject to the provisions of sections 3, 4 and 6, the Governor General may by order—
(a) declare any enterprise to be a development enterprise if he is satisfied that—
(i) it is either a new enterprise or the expansion of an existing enterprise,
(ii) it will have a beneficial effect on employment both in numbers and in gross wages, and
(iii) it is expedient in the public interest so to do;
(b) declare any company to be a development company for the purpose of conducting or expanding a development enterprise if he or she is satisfied that—
(i) it is adequately financed and is provided with effective management,
(ii) it has adequately trained personnel in its employ or is able to obtain the services of such personnel,
(iii) (where necessary) it is able to obtain adequate raw materials, and
(iv) it possesses or will possess the necessary premises.