(1) Where a higher education product is sold or transferred during the tax holiday period but continues to be used for the purpose stated in the licence, the tax reliefs and exemptions provided under this Act shall continue to apply to the new owner or lessee, as the case may be, for the remainder of the period.
(2) The owner of the higher education product shall inform the Minister in writing of the proposed changes in the ownership of the higher education product.
(3) The Minister may require additional information from the new owner or lessee of the higher education product.
(4) Notwithstanding the provisions of subsection (1), Cabinet may alter or revoke, in whole or in part, the approval granted in section 37 should the information supplied in the initial application differ significantly as a result of the sale or transfer of the higher education product.