7.—(1) Notwithstanding any other powers which may be available to the Bank under any other enactment, order or regulation, the Bank may impose such conditions for the authorisation of an investment limited partnership as it considers appropriate and prudent for the purposes of the orderly and proper regulation of investment limited partnerships.

(2) (a) Conditions imposed under subsection (1) may be imposed generally, or by reference to particular investment limited partnerships, or by reference to any other matter the Bank considers appropriate and prudent for the purposes of the orderly and proper regulation of the business of investment limited partnerships.

(b) The Bank may impose such conditions on general partners or F23[depositaries] or investment limited partnerships as it considers appropriate and prudent for the purposes of the orderly and proper regulation of general partners, F23[depositaries] or investment limited partnerships or all of these.

(3) (a) The power to impose conditions referred to in subsection (1) shall include a power to impose such further conditions from time to time as the Bank considers appropriate and prudent for the purposes of the orderly and proper regulation of the business of investment limited partnerships.

(b) The Bank may amend or revoke a condition imposed by it under this section.

(4) Without prejudice to the generality of subsections (1), (2) and (3) hereof, conditions imposed by the Bank on an investment limited partnership may make provision for any or all of the following matters:

(a) the investment policies of the investment limited partnership, including its policies regarding diversification and gearing and including the type of property in which an investment limited partnership may invest;

(b) the issuing and content of prospectuses and other information disseminated by the investment limited partnership;

(c) the criteria for appointment of any F24[depositary] under section 5;

(d) the vesting of the assets or specified assets of the investment limited partnership in a F24[depositary];

(e) the periodicity and contents of reports issued by the investment limited partnership;

(f) such other supervisory and reporting requirements and conditions relating to its business as the Bank considers appropriate and prudent to impose on the investment limited partnership from time to time for the purposes referred to in the aforesaid subsections.

(5) An investment limited partnership, general partner and F24[depositary] shall comply with any conditions relating to its authorisation or business imposed by the Bank which are applicable to them.

(6) A company incorporated outside the State shall not be considered solely by reason of being a limited partner in an investment limited partnership as having established a place of business within the State within the meaning of Part XI of the Companies Act, 1963.

(7) Where a general partner or a F24[depositary], as appropriate, of an investment limited partnership fails to comply with subsection (5), it shall be guilty of an offence.