(1) An application for renewal of registration must be in the prescribed form and, subject to subsection (4), lodged with the Board not later than 30 days before the end of the registration year of the registered administrator immediately preceding the year for which renewal is sought.
(2) Where the Board receives an application for renewal of registration under subsection (1), the Board -
(a) shall renew the registration if it is satisfied that -
(i) the applicant continues to meet the requirements of section 64D(3), and
(ii) paragraph (b) (ii) does not apply to the applicant,
or
(b) may decide either not to renew that registration, or to renew it subject to conditions, if -
(i) it is not satisfied that the applicant continues to meet all of the requirements of section 64D(3), or
(ii) as a result of an audit of the applicant under section 18 or 54(4)(ca), it is satisfied that the registered administrator has failed to a material extent to properly perform any of the core administratio
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