(1) Except as provided by paragraph (2), an authorisation remains in force for 12 months from the date specified in the authorisation.

(2) In the case of a particular applicant, or an applicant of a particular class designated by the Bank for the purposes of this paragraph, the Central Bank may, if it so chooses, grant an authorisation for a period longer than 12 months, subject to such conditions or requirements as the Bank specifies. If the Central Bank grants an authorisation for a period longer than 12 months, the authorisation remains in force for that period from the date specified in the authorisation.

(3) The Central Bank may from time to time amend an authorisation -

(a) by varying any of its conditions, or

(b) by replacing or revoking an existing condition, or

(c) by adding a new condition,

but only after giving to that holder a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to, the Central Bank in relation to the proposed amendment.

(4) An authorisation shall state -

(a) the true name of the holder,