(1) A person shall not carry on moneybroking business at any time after this section has been in operation for 3 months unless the person has been granted an authorisation for the purposes of this section and the authorisation has not been revoked.

(2) Subject to the provisions of this section, the Bank may grant or refuse to grant to any person applying to it an authorisation to carry on moneybroking business.

(3) Notwithstanding subsection (2), a person shall not, at the same time, be the holder of a licence under section 9 of the Act of 1971 and a person to whom a subsisting authorisation under this section relates.

(4) The Bank shall not refuse an authorisation without the consent of the Minister and unless it is satisfied that the authorisation would not be in the interest of the orderly and proper regulation of moneybroking or banking, and the Minister shall not grant his consent to the refusal unless he is satisfied that the authorisation would not be in the interest of the orderly and proper regulation of moneybroking or banking.