(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), a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, or a society registered under the Friendly Societies Acts, 1896 to 1977;
(b) it shall limit its business activities to the business of life assurance 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 21 of these Regulations.
(2) An undertaking having its head office in the State applying for an authorisation to extend its business to ot