(1) A general partner of a migrating partnership may apply to the Bank for the migrating partnership to be authorised under this Act as an investment limited partnership in the State by way of continuation; subject to the subsequent subsections of this section -

(a) such an application shall be regarded as an application under this Act for authorisation of the migrating partnership as aninvestment limited partnership, and

(b) the provisions of this Act in relation to -

(i) an application for such authorisation,

(ii) the conditions for such authorisation,

(iii) the grant of such authorisation,

(iv) all of the other requirements of this Act in respect of the authorisation of an investment limited partnership and of matters precedent and incidental to such authorisation and all of the provisions of this Act concerning an investment limited partnership that have effect on and from the grant of an authorisation in relation to it,

shall apply in respect of, as appropriate -

(I) the application referred to in this subsection or, as appropriate, the granting of the authorisation, on foot thereof, and