(1) Cabinet may by notice published in the Gazette, transfer the status of an approved enterprise to another enterprise where—
(a) an approved enterprise merges with or is taken over by another enterprise, or forms part of a company's reconstruction; or
(b) in its opinion it is equitable or in the public interest so to do.
(2) Prior to the issue of a notice under subsection (1), Cabinet may require the enterprise to which the status or an approved enterprise is to be transferred, to comply with such conditions and to give such undertakings and assurances and in such form as it may consider desirable having regard to the public interest.
(3) On the issue of a notice under subsection (1) all the rights, privileges, benefits, immunities, duties and obligations conferred or imposed by or under this Act on the former enterprise may be transferred to the latter enterprise.