16(1)The Minister, no earlier than the end of the period referred to in subsection 15(1), shall submit for the consideration of the Lieutenant-Governor in Council a report and a recommendation concerning the undertaking and concerning terms and conditions to be imposed for the undertaking.

16(2)The Lieutenant-Governor in Council, having considered the report and the recommendation of the Minister under subsection (1), may give approval for the carrying on of the undertaking or may refuse to give approval for the carrying on of the undertaking, and where he gives approval for the carrying on of the undertaking he may give that approval subject to such terms and conditions as he may impose for the undertaking.