(a) A certificate of tax exemption granted under the provisions of this chapter may be transferred, for the unexpired portion of any tax-exempt periods provided in the certificate, to another person, partnership or corporation which qualifies under 11.1607, and which succeeds the grantee in carrying on, or in operating, substantially all of the business which originally qualified for tax exemption. Thereafter, the transferor of the certificate shall lose all tax exemption under this chapter and shall be subject to the operation of the tax laws of American Samoa.
(b) If the grantee of a certificate of tax exemption transfers to a corporation in which it owns at least 51% of the outstanding common stock and which qualifies under 11.1607, less than substantially all of the business which originally qualified for tax exemption, an amended certificate shall be issued indicating the specific tax exemptions which are transferred from one party to the other, or both will apply to both parties for the unexpired term. If such transfer is made to a person, partnership or corporation in which the transferor does not own 51% of the outstanding common stock, an amended certificate may be issued to the transferor in the discretion of the Governor, on such terms and conditions as he deems warranted, after considering the alteration or reduced volume of the transferor’s business and investment. The transferee may receive a new certificate only if he applies and qualifies under the other provisions of this chapter.