(1) Where the Bank refuses an application for authorisation under section 8, fails to take a decision on an application within three months of the date hereof, revokes or refuses to revoke an authorisation under section 29, or determines to replace a general partner or depositary under section 30, any aggrieved party (including a limited partner) may apply to the Court to have the matter reviewed.

(2) Where an application is made under subsection (1), the Court shall confirm the decision of the Bank unless it is satisfied that the procedures laid down by, or the requirements of, this Act have not been complied with in any material respect or that there was no material before the Bank on which the Bank could reasonably conclude -

(a) in the case of a refusal of authorisation or a failure to authorise within three months, that the criteria set forth in section 8 (1) or section 8 (9) have not been established,

(b) in the case of a decision to revoke the authorisation of an investment limited partnership, that the matters set forth in section 29 (1) have been established,