(1) The Authority may, on the application of a credit union, issue a certificate of approval to it if it appears to the Authority that, in relation to the kind of lending permitted under section 11B above, the arrangements for the management of the credit union and its activities are satisfactory.
(2) Applications under subsection (1) above shall be in writing.
(3) The Authority may only refuse an application under subsection (1) above if it has complied with subsections (4) and (5) below.
(4) Not less than fourteen days before refusing an application under subsection (1) above, the Authority shall serve on the credit union concerned a notice stating that it proposes to refuse the application and specifying the grounds on which it proposes to do so.
(5) The Authority shall -
(a) consider any representations with respect to a notice under subsection (4) above which may be made to the Authority by the credit union concerned within such period as it may allow, not being less than fou