(1) Subject to subsection (2) a permit expires upon the revocation of the interim approval of the tourism project in respect of which the permit was granted.
(2) Where the construction of the tourism project in respect of which a permit has been granted is completed for the purpose of Part 2 but in the opinion of the Minister not complete as far as the acquisition of building materials, articles or equipment is concerned, the Minister may extend the permit for such further period not exceeding 12 months as the Minister may consider adequate in the circumstances.