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(1) A person who desires to act as a custodian of pension fund shall apply to the Board for registration in a form determined by the Board.

(2) The applicant shall pay the prescribed fee.

(3) The Board shall register the applicant within sixty days after the receipt of an application upon satisfying itself that the applicant has fulfilled the preconditions including the payment of fee required.

(4) Where the Board is not satisfied with the application, the Board may, request the applicant to rectify errors in the application in writing within thirty days after the receipt of the application or satisfy a pre-condition for the registration within twenty-one days.

(5) The Board shall register or refuse the registration upon the rectification of the error or satisfaction of the pre-conditions within the specified time.

(6) The Board may register an applicant subject to conditions or restrictions as it considers appropriate.

(7) The Board may vary a condition or restriction in relation to the registration at any time by written notice to the custodian.

(8) Where an application for a registration is refused, the Board shall state the reasons for the refusal in a notice to the applicant.