S.L. 573.4 Art. 4Consent and approval of Board of Governors. 2 [S.L.

(1) Every transfer made under these regulations is subject to the approval of the Board of Governors and in accordance with the conditions imposed by the said Board, which conditions must be published.

(2) Before approval by the Board of Governors for the transfer of commercial property as mentioned above:

(a) it should be verified that no law or contractual contract has been breached, including the non-existence of any arrears with regard to such lease; and

(b) a sole additional payment to the Authority of an amount equal to one year’s rent has been made; and

(c) a declaration is made that on the signing of the new contract of lease for the remaining period of the original lease, the applicant does not retain any interest in the property or in the commercial activity following its transfer to a family 573.04 TO A FAMILY MEMBER DUE TO RETIREMENT

member and that he does not have or no longer has any claim against the Authority regarding the same lease for the entire period since the original lease; and

(d) a declaration by the person to whom the lease is to be transferred, in the case of a commercial lease granted prior to 1st June 1995 where no specific duration period is stipulated, or where the lease period was to be renewed automatically or at the lessee’s sole discretion, whereby he accepts that the lease shall lapse within a period of twenty years from the 1st of June, 2008.