(1) Whenever the Bank decides to refuse authorization it must notify the company of its decision and of the reasons therefor. The company may apply to the High Court in accordance with Regulation 105.
(2) The company shall have the same right to apply to the Court as in paragraph (1) if a decision on authorization has not been taken by the Bank within 6 months of the submission of an application for authorization which includes the information, other than additional information, required under these Regulations.