(1) A unit trust or common contractual fund shall be authorised only if the Bank -
(a) has approved the application of the management company to manage the unit trust or common contractual fund,
(b) has approved the trust deed or deed of constitution, and
(c) has approved the choice of depositary.
(2) An investment company shall be authorised only if the Bank -
(a) has approved its articles,
(b) has approved the choice of depositary,
(c) where relevant, has approved the application of the designated management company to manage it, and
(d) is satisfied that it complies with the requirements of Part 6.