(1) The Bank in considering an application for a licence under section 4, shall conduct investigations that it considers necessary to ascertain

(a) the validity of the documents submitted under section 4 (1) and (2);

(b) the financial status and history of the applicant;

(c) the nature of business of the applicant including the range of services and products proposed;

(d) the suitability of significant shareholders and directors of the applicant in line with the Bank’s “fit and proper person” test as defined in this Act;

(e) the competence and integrity of persons proposed to occupy key management positions;

(f) the adequacy of the applicant’s capital structure, earning prospects, business plans, and financial plans in line with levels specified by the Bank; and

(g) any other matter which the Bank may regard as relevant to the application.

(2) Within ninety days after the receipt of an application, or where additional information or clarification had been sought, after the receipt of the additional information or clarification, the Bank may if it is satisfied that the application is in accordance with this Act, and the specified fee has been paid

(a) issue a licence to an applicant to carry on business;

(b) refuse to issue the licence if not satisfied and inform the applicant of the refusal giving reasons for the refusal; or

(c) issue the licence on conditions that it considers necessary.

(3) Where a licence is issue on condition, the Bank may vary the condition as it considers appropriate.