(1) Section 87C (consideration of application for approval) is amended as follows.

(2) Omit subsections (1) to (3) and (5).

(3) In subsection (9) -

(a) omit the words before "subsections", and

(b) for "such an application" substitute "an application for approval of a supplementary prospectus".

(4) Omit subsections (10) to (11).