(1) The Bank may propose to the ECB that the conditions of a Class 1 authorisation be amended, revoked or added to and it may propose to the ECB that conditions be imposed by the ECB in relation to a Class 1 authorisation from time to time if in the opinion of the Bank the amendment, revocation, addition or imposition is calculated to promote the orderly and proper regulation of credit institutions.

(2) Whenever the Bank proposes that the conditions of a Class 1 authorisation be added to or amended -

(a) it shall notify in writing the person who holds the Class 1 authorisation or to whom the Class 1 authorisation is intended to be granted that it proposes to amend or add to the conditions of the Class 1 authorisation, and of its reasons for so proposing and that the person may, within twenty-one days after the date of the giving of the notification, make representations in writing to the Bank in relation to the proposed amendment or addition, as the case may be, and shall specify in the notification, the amendment or addition, as the case may be,

(b) the person may make such representations to the Bank within the time aforesaid, and