(1) Subject to the provisions of this section, the Bank may grant or refuse to grant to any professional body an approval to operate as an approved professional body.

(2) The grant of an approval under subsection (1) of this section may be given unconditionally or may be given subject to such conditions or requirements or both as the Bank considers fit.

(3) Whenever the Bank refuses to approve of a professional body under this section, it shall serve notice on that professional body, and on the Minister, of its refusal to grant approval and state the reasons therefor.

(4) An application for approval under subsection (1) of this section shall be in such form and contain such particulars as the Bank shall specify from time to time and, without prejudice to the generality of the aforesaid, shall include a copy of any charters, memorandum and articles of association, or other constitutional document, of the applicant and a copy of the rules and regulations under which the applicant proposes to conduct its business insofar as they affect or touch upon the regulation of investment business firms or investment business services or investment advice.

(5) A professional body which applies for approval under this section shall not be approved of by the Bank unless -