Cap. 463 Art. 32Revocation of incentives or benefits.

(1) Where any beneficiary fails to comply with any of the terms or conditions of an Incentive Entitlement Certificate, the

Corporation may by notice in writing require such beneficiary within thirty days of the receipt of such notice -

(a) to comply with such conditions; or

(b) to establish to the satisfaction of the Corporation that failure to comply with such conditions was due to some cause beyond its control and that there are prospects of complying with such condition within such time as the Corporation may consider reasonable.

(2) Where a beneficiary complies with the condition in subarticle (1)(b), the Corporation may authorise reasonable postponement for the purpose of compliance with such conditions, as it thinks fit.

(3) Where a beneficiary fails to comply with the condition in subarticle (1)(b) or, having been allowed a postponement under subarticle (2), fails within the period of such postponement to comply with such terms or conditions, the Corporation may revoke any incentive or benefit granted to the beneficiary and that revocation shall be operative from such date as may be determined by the Corporation.

(4) Where an Incentive Entitlement Certificate is revoked, in full or in part, in accordance with the provisions of this article, the beneficiary shall pay or repay to the Government or to the Corporation, as the case may be, any sums which it would have paid to the Government or the Corporation but for the provisions of this Act, any regulation or guideline or which it had received thereunder, and any sums which the beneficiary is so liable to pay or repay may be set off against any sums which may be due from the Government or the Corporation to the beneficiary for any reason whatsoever, including in the event of insolvency of the said beneficiary, without prejudice to any right of the Government or the Corporation for the recovery of any balance remaining due.

(5) In the circumstances contemplated in this article, the Corporation may, in its sole discretion, in lieu of revoking a certificate, in full or in part, agree to modify the terms and conditions of an Incentive Entitlement Certificate so as to reflect the conditions which are more appropriate on the basis of the circumstances then known to it. The Corporation shall so proceed only if the relevant undertaking has agreed in writing to such modifications as may be proposed by the Corporation and to any conditions under which they are offered.