s 50 Application for an incentive of a similar character
(1) Where a company has been granted an approval in respect of an incentive under section 5, 12A, 12B, 26, 30KA or 30Q of the repealed law but as at the 1 January 1986 or at any time thereafter, its tax relief period has not commenced or the company has not incurred capital expenditure for purposes of section 26, 30KA or 30Q of the repealed law the company may apply for an incentive under this Act where the incentive applied for is substantially of a similar character to that for which an approval was granted under the repealed law. (2) Where the Minister grants an approval in respect of an application made under subsection (1), the approval granted under the repealed law shall be deemed to have been withdrawn.