Approval of person proposing to become controller
(1) No person shall become a controller of a friendly society to which section 37(2) or (3) above applies unless -
(a) he has served on the Commission a notice stating-
(i) that he intends to become a controller of the society; and
(ii) the details of the voting rights which he proposes to acquire; and
(b) either the Commission has, before the expiration of the period of three months beginning with the date of service of that notice, notified him that there is no objection to his becoming a controller of the society, or that period has elapsed without the Commission having served on him a notice of objection.
(2) The Commission may serve a notice of objection under sub-paragraph (1) above on the ground -
(a) that it appears to the Commission that the person concerned is not a fit and proper person to become a controller of the society; or
(b) that it appears to it that, if that person were to acquire such voting rights, the crit