(1) A professional body on whom a notice has been served under section 56 (3) of this Act or an approved professional body on whom a notice has been served under section 59 of this Act may, within 21 days of receipt of the notice, appeal to the Minister and the Minister shall consider any such appeal and may uphold or reject it.

(2) When considering an appeal under this section, the Minister shall consult, within three months of the commencement of the hearing of the appeal, with the Minister for Enterprise and Employment (and where appropriate with the Minister for Justice), the Bank or the professional body concerned.

(3) If the Minister, with the consent of the Minister for Enterprise and Employment, and where appropriate the Minister for Justice, upholds an appeal made under this section the Minister shall inform the Bank of the decision and shall publish notice of that decision in the Iris Oifigiúil within 28 days of such decision being communicated to the Bank and the Bank shall grant approval of the proposed approved professional body or consent to the proposed amendment of or addition to the memorandum of association, articles of association or rules of the approved professional body.