(1)
Every economic development incentive certificate shall be in accordance with the terms and conditions stipulated in this part.
(2)
An economic development incentive certificate shall specify —
(a)
conditions of the certificate ; and
(b)
any permissible by-product that may be produced by the company in addition to the priority product and the proportion of the permissible by-product in relation to the priority product, either in quantity or in value or both.
(3)
Where an application for economic development incentive certificate for a proposed company has been approved, its promoters shall incorporate the company, not later than three months after the date of notification of the approval.
(4)
An economic development incentive certificate to be issued to a company to which subsection (3) relates shall be issued only after the company has been incorporated and the certificate shall be effective from the company's production day.
(5)
In the case of an existing company, the NIPC shall, not later than 30 days after the approval of the President, issue the certificate and communicate it to the applicant.
(6)
Notwithstanding anything contained in section 179 of this Act, where a company to which economic development incentive status has been issued —
(a)
acquires another company to which an economic development incentive certificate has been issued under this part or its equivalent under the Industrial Development (Income Tax Relief) Act, the incentive status of both companies shall cease on the expiry date indicated on the economic development incentive certificate of the subsisting company;
(b)
takes over the assets and business of any company which is not a company with an economic development incentive status, such acquisition of asset and business of that company shall be subject to sections 169 and 172 of this Act ;
(c)
is acquired by a company with no economic development incentive status, the economic development incentive status of the acquired company shall not be transferred to the acquiring company except as may be approved in accordance with sections 168 and 171 of this Act;
(d)
merges with one or more companies that have been issued economic development incentive certificate or its equivalent —
(i)
the incentive status of the merging companies shall cease on the date of the merger,
(ii)
the emerging company from the merger may apply for economic development incentive status, and
(iii)
the expiration date of the economic development incentive certificate to be granted under subsection (6)(d)(ii) of this subsection to the emerging company, shall not be longer than the later date on the economic development incentive certificate of the merging companies.