(1) On receipt of an application, supporting information and any further information as specified under sections 51 and 52 the Agency shall —
(a) if the value of the tax reliefs and exemptions is less than $20,000, consider the application;
(b) if the value of the tax reliefs and exemptions is more than $20,000, submit the application to Cabinet for consideration.
(2) The Agency or Cabinet may approve with or without conditions or refuse an application.
(3) Where the Agency or Cabinet has approved a youth economy project as an approved youth economy project —
(a) the Agency or Cabinet may grant one or more of the tax reliefs and exemptions specified in Schedule 2 for the period specified;
(b) the decision of the Agency or Cabinet must specify —
(i) the tax reliefs, exemptions and the termination dates granted,
(ii) the time frame for completion of the youth economy project,
(iii) a condition that the approved youth economy project must be used as such, and
(iv) other conditions as the Agency or Cabinet considers necessary.
(4) The Agency shall inform the applicant and the Minister in writing of the decision and provide the reasons for refusal.