(1) The Board shall consider the application for registration of a personal pension scheme within thirty days and take a final decision within ninety days after receipt of the application.

(2) The Board may register a scheme as a personal pension scheme if the Board is satisfied that the scheme

(a) complies with, or will if registered comply with, the requirements and standards that are prescribed by the regulations, and

(b) will be governed by the laws of this country.

(3) The Board shall require the applicant

(a) to enter into an undertaking with respect to the administration of the scheme,

(b) not to refuse an application for membership of the scheme made by or on behalf of a

(i) relevant employee who is employed in the formal sector, or

(ii) Self-employed person who is above fifteen years and below retirement age and engaged in the informal sector as a condition for the registration of a personal pension scheme under this section.

(4) Without limiting subsection (3), on the registration of a personal pension scheme, the Board may impose conditions as regards the administration or marketing of the scheme as it considers appropriate.