(1) The Bank shall not grant an authorisation unless -
(a) in the case of a company incorporated in the State under the Companies Acts, the paid up share capital of the company is not less than £500,000, and
(b) in the case of a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, the paid up share capital is not less than £500,000 and such share capital is not withdrawable by, or repayable to, members of the society.
(2) The Bank may make regulations concerning the form in which share capital may be issued by the bodies referred to in subsection (1) and may by order amend the requirements as to the required value of paid up share capital referred to in that subsection.
(3) Regulations under this section may be made only with the consent of the Minister.