Application form shall be accompanied by papers and documents that indicate the pre-requisites, elements, and aims of the project and its economic feasibility and the legal form it will take . The concerned Ministry shall study the project, give its opinion about it and refer it to the council within a period of 30 days from the date of application . The council may cancel the decision of approval, if the project proposed fails to take serious procedures to initiate his project within one-year period from the date of issuance of decision of licensing, unless there are justified reasons accepted by the council to extend the given duration of implementation . In case the offense quoted in the previous paragraph is repeated, the council may cease the project's enjoyment of the franchise, facilities and privileges specified in this law . By a decision by the council, franchise, privileges and facilities quoted in this law may be given, except the exemption from taxes and fees, to any of the standing projects .
All obligations quoted in it remain in force .
In case the ownership of projects approved is transferred, wholly or partially, to a new owner, then the new proprietor replaces the old one in rights, obligations and duties he had to fulfill as per the rules of this law and the regulations and instructions issued in this regard . Tourist projects are governed by the rules and regulations in force and relating to them . 348 of 1969 shall remain in force as regards the projects effected by it before this law is put in effect . No. 149 of 1949 and its amendments, provided that these rules are not in contradiction with the rules of this law . The Prime Minister, the chairman of the Higher Council of Investment, shall issue the instructions necessary for the implementation of the rules of this law .