(1) Upon application to the registrar in accordance with this Act by the manager and trustee under a unit trust scheme, the registrar shall register the scheme in the register if, but only if -
(a) the Minister is satisfied, after consultation with the Central Bank of Ireland and after consideration with that Bank of the relevant information in the application, that the competence in respect of matters of the kind with which they would be concerned in relation to a unit trust scheme and probity of the manager and trustee are such as to render them suitable to act as manager and trustee, respectively, under the scheme,
(b) the manager under the scheme is a body corporate that is incorporated under the law of the State or of any other state that is a member of the European Economic Community, has a place of business in the State and the amount of the capital of which that is paid up in cash is not less than £25,000 or its equivalent in any other currency and the assets of which are