(1) The Bank shall decide to approve or refuse to approve the rules of a system within three months of the receipt of a submission under section 8(1) and where the Bank approves of the rules of an existing system or for a proposed system, it may -

(a) make its approval subject to conditions or requirements or both as it thinks fit, and

(b) at any time after approval, impose conditions or requirements or both on any class of payment system or amend or revoke any condition or requirement or both to which this subsection relates, whether or not previously amended by this subparagraph.

(2) Every condition or requirement imposed to which this subsection relates and every amendment thereto or revocation thereof shall be imposed, amended or revoked as the Bank sees fit in the interest of the proper and orderly regulation of the payment system concerned and of competition between payment systems and every such condition or requirement may be imposed on either or both -

(a) that class of payment system, and

(b) the members of that payment system.

(3) In respect of any condition or requirement to which subsection (1)(b) relates, a condition or requirement shall not be imposed, amended or revoked until -