9.—(1) Where the Bank decides to refuse an application for authorisation of an investment limited partnership under section 8, it shall notify the proposed general partner making the application of its decision and of the reasons therefor.

(2) Where the Bank refuses, or fails to take a decision on, an application for authorisation of an investment limited partnership within three months of the submission of an application properly made in accordance with the requirements of section 8, any proposed general partner may apply to the Court in accordance with section 32.