(1) The Minister may refuse an application under section 88 only if -
(a) the application does not comply with the requirements of section 88,
(b) the applicant does not provide any additional documents or information in accordance with a notice given under section 88(3),
(c) the Minister has reasonable grounds to be satisfied that information given to the Minister by the applicant in connection with the application is false or misleading in any material particular,
(d) the Minister has reasonable grounds to be satisfied that any of the following persons is not a fit and proper person:
(i) the proposed holder of the authorisation;
(ii) in a case where the proposed holder of the authorisation is a body corporate or partnership or an individual who proposes to carry on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);
(iii) any person who is, or is proposed to be, a beneficial ow
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