(1) No person shall-

(a) develop;

(b) manage; or

(c) develop and manage a free zone unless it is a body corporate registered under the Companies Code, 1963 (Act 179) or a partnership registered under the Incorporated Private Partnership Act, 1962 (Act 152).

(2) The body corporate or partnership shall be licensed to develop, manage, or develop and manage the free zone under this Act.