(i) The trustees of a trustee savings bank shall before the bank commences to carry on business or, in the case of a trustee savings bank that immediately before the commencement of this section was a former bank, not later than 6 months after such commencement make rules (which shall be subject to the approval of the Central Bank) for the management and administration of the bank and for such other matters relating to the bank as it considers appropriate.
(ii) The trustees of a trustee savings bank may, subject to the approval of the Central Bank, by rules under subparagraph (i), amend or revoke rules under that subparagraph.
(b) The Central Bank shall -
(i) as respects proposed rules under paragraph (a)(i), approve of the rules if it is satisfied that they are in accordance with sound banking practice, make provision for all of the matters for which, in the opinion of the Central Bank, provision ought to be made by the rules and are in conformity with the law (including this
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