(1) Any undertaking having or proposing to have its head office in the State and applying for an authorisation shall comply with the following provisions:
(a) it shall be a company limited by shares, a company limited by guarantee or an unlimited company within the meaning (in each case) of section 5 (2) of the Companies Act, 1963 (No. 33 of 1963);
(b) it shall limit its business activities to the business of insurance and to operations directly arising therefrom, to the exclusion of all other commercial business;
(c) it shall submit to the Bank a scheme of operations in accordance with Article 9 of the Directive;
(d) it shall possess the minimum guarantee fund referred to in Article 19 of these Regulations.
(e) if an undertaking referred to in Article 18A of these Regulations has a form different to those referred to in sub-article (a) above, it may continue to use that form until the 12th day of December, 1987.
(2) An undertaking having its head office in the State applying for