(a) Beneficiaries of the Economic Development Program in title 29 Virgin Islands Code, chapter 12 and the University of the Virgin Islands Research and Technology Park in title 17 Virgin Islands Code, chapter 34 are not eligible to be designated as a Beneficiary or to receive benefits authorized pursuant to this subchapter.
(b) An individual or entity that was formerly a Beneficiary of the Economic Development Program may, however, apply for benefits as a Beneficiary, and a current beneficiary of the Economic Development Program may apply for benefits as a Beneficiary if such beneficiary terminates its benefits under the Economic Development Program as of the effective date of its benefits as a Beneficiary.
(c) A Beneficiary may apply for such benefits under the Economic Development Program and upon the receipt of such benefits must elect to terminate its benefits under the Virgin Islands South Shore Trade Zone Program as of the effective date of its benefits under the Economic Development Program.