37. (1) The owner of a cost rental dwelling may, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for an extension of no less than 5 years to the minimum period—

(a) prior to the end of the minimum period, or

(b) after the end of the minimum period (provided that the relevant cost rental designation has not been revoked).

(2) Where the Minister receives an application under subsection (1), he or she shall give consent in writing under his or her seal (in this Part referred to as a “minimum cost rental period extension”), in such form as the Minister may prescribe, to the minimum period specified in the cost rental designation relating to the dwelling being—

(a) in the case of an application referred to in subsection (1)(a), extended by the period specified in the minimum cost rental period extension, and

(b) in the case of an application referred to in subsection (1)(b), such new period as is specified in the minimum cost rental period extension.

(3) As soon as practicable after it is sealed by the Minister, a copy of the minimum cost rental period extension shall be furnished to the owner of the dwelling concerned and to any person who gave consent to the application under section 29(3)(c).

(4) The minimum cost rental period extension shall be registrable in the Registry of Deeds as an act of the owner affecting the cost rental dwelling and, as the case may be, in the Land Registry as a burden on any folio in which the cost rental dwelling or any part thereof is registered and where the Minister seals a minimum cost rental period extension under subsection (2), he or she shall, as soon as practicable thereafter, cause it to be so registered in the Registry of Deeds or the Land Registry, or both, as appropriate.