(1) Where an approved development is sold or transferred during the development period, the tax reliefs and exemptions provided under this Act may on the approval of Cabinet, continue to apply to the new owner or lessee, as the case may be, for the remainder of the period.
(2) The owner or lessee of an approved development shall inform the Minister, in writing, of proposed changes in the ownership or leasehold of the approved development.
(3) The Minister may require additional information from the new proposed owner or lessee of an approved development.
(4) Notwithstanding the provisions of subsection (1), Cabinet reserves the right to alter or revoke, in whole or in part, the approval granted in section 11 should the information supplied in the initial application differ significantly as a result of the sale or transfer of an approved development.
(5) Where an approved development for which an exemption from alien's landholding licensing fees is granted under this Act, is sold or transferred to an alien, the exemption from alien's landholding licensing fees shall not apply to the purchaser or transferee, unless approval is granted under the Aliens Licencing Act, Cap. 15.37.