Transfer of status

(1) The Minister may, by notice published in the Gazette, transfer the status of an approved enterprise granted under this Act to another company where17 (a) the approved enterprise merges with or is taken over by another company, or forms part of another company’s reconstruction; and/or (b) in his opinion it is equitable or in the public interest to do so. (2) Prior to the issue of a notice pursuant to sub-section (1), the Minister shall require the company, to which the status of approved enterprise is to be transferred, to give an undertaking to comply with the conditions as set out in the order granted under section 4. (3) On the issue of a notice pursuant to sub-section (1), all the rights, privileges, benefits, immunities, duties and obligations conferred or imposed by or under this Act on the approved enterprise may be transferred to the other company.