(a) An economic development certificate shall be issued by the Commission in the name of the Government of the Virgin Islands and shall bear the signature of the Commission Chairman. The certificate shall specify all of the following:
(1) In the case of a non-publicly owned corporation, a partnership, including a general partnership, limited partnership, limited liability partnership or limited liability limited partnership; a limited liability company; a trust, or similar entity, the names and addresses of all shareholders, partners, owners or beneficiaries.
(2) The line or lines of businesses for which benefits have been granted.
(3) The date by which the required financial investment shall have been completed by the beneficiary.
(4) The beneficiary may receive credit for capital investments that occur no earlier than twelve months prior to the date the beneficiaries EDC application is deemed complete by the EDC.
(5) The specific commencement and termination dates for the benefits granted under the certificate.
(6) Such other conditions as the Commission shall deem appropriate, not inconsistent with the provisions of this subchapter or regulations promulgated hereunder.
(b) In addition to the foregoing specifications, the certificate shall include a recital that it is conditioned upon the performance and observance of same by the beneficiary within a period of time specified, and upon the final determination of the Secretary of the Treasury of the United States or his delegate, of compliance with the requirement of Internal Revenue Code section 934 or 936. Upon failure of the beneficiary to perform or observe the conditions as required by the Commission within the specified period, or any extension thereof granted for good cause shown to the Commission, the certificate shall be deemed to be of no force and effect, and the beneficiary shall pay or refund as the case may be, to the Government of the Virgin Islands the amount of any benefit actually received under the certificate. Upon a final determination by the Secretary of the Treasury of the United States or his delegate that the beneficiary has not complied with the requirement of Internal Revenue Code section 934 or 936, the beneficiary shall pay or refund, as the case may be, to the Government of the Virgin Islands, the amount of any subsidy benefits, based on income tax liability, actually received, or the amount of the reduction of income tax liability on a current basis for all the years of non-compliance.