747h

A Certificate granted under this subchapter may be transferred, for the unexpired portion of the term of the Certificate, to another corporation that succeeds the beneficiary in carrying on or in operating the industry or business for which the Certificate is granted, upon determination of the Director that the corporation is otherwise qualified to receive such benefits, and the industry or business activity with respect to which the Certificate was granted is continued by the corporation. Upon transfer of the certificate, the transferor forfeits all tax incentive benefits under this subchapter and is subject to the tax laws of the Virgin Islands.