9. — (1) The Bank shall decide to approve or refuse to approve the rules of a system within three months of the receipt of a submission under section 8 (1) and where the Bank approves of the rules of an existing system or for a proposed system, it may—

(a) make its approval subject to conditions or requirements or both as it thinks fit, and

(b) at any time after approval, impose conditions or requirements or both on any class of payment system or amend or revoke any condition or requirement or both to which this subsection relates, whether or not previously amended by this subparagraph.

(2) Every condition or requirement imposed to which this subsection relates and every amendment thereto or revocation thereof shall be imposed, amended or revoked as the Bank sees fit in the interest of the proper and orderly regulation of the payment system concerned and of competition between payment systems and every such condition or requirement may be imposed on either or both—

(a) that class of payment system, and

(b) the members of that payment system.

(3) In respect of any condition or requirement to which subsection (1) (b) relates, a condition or requirement shall not be imposed, amended or revoked until—

(a) the Bank has notified the operators or, when appropriate, the members of the payment system of its intention to so impose, amend or revoke, and

(b) the Bank has considered any representations made by the payment system or any member thereof within such time limit as the Bank may specify when notifying the payment system.

(4) The approval by the Bank of the rules of, or for, a payment system shall not constitute a warranty as to the solvency of that system or of any member of that system and the Bank shall not be liable, by reason of its approval, in respect of any losses incurred through the insolvency or default of that system or any of its members.

(5) An application for approval of the rules of an existing system or for a proposed system shall be in such form and contain such particulars as the Bank may from time to time determine.

(6) The Bank shall not approve of the rules of an existing system or a proposed system unless the existing system or proposed system is a company incorporated under the Companies Acts, 1963 to 1990.

(7) The operator of an existing system or the promoter of a proposed system may appeal to the Court against the imposition of any condition or requirement within 21 days of the imposition thereof and the Court may, on hearing an appeal under this section, confirm, vary or rescind any condition or requirement under this section.