108D.— (1) If the Bank proposes to—

(a) refuse to register a person under section 108B, or

(b) cancel a registration of a person under section 108C,

the Bank shall serve on the person a notice in writing informing the person of the Bank’s intention to refuse to register the person or cancel the registration, as the case may be.

(2) A notice served under subsection (1) shall—

(a) specify the grounds on which the Bank proposes to refuse or cancel the registration, and

(b) inform the person that the person may, within 21 days after the serving of the notice, make written representations to the Bank showing why the Bank should register the person, or not cancel the registration, as the case may be.

(3) Not later than 21 days after a notice is served on a person under subsection (1), the person may make written representations to the Bank showing why the Bank should register the person, or not cancel the registration, as the case may be.

(4) The Bank may—

(a) refuse to register a person under section 108B, or

(b) cancel a registration of a person under section 108C,

as the case may be, only after having considered any representations made by the person in accordance with subsection (3).

(5) As soon as practicable after refusing to register a person under section 108B or cancelling a registration under section 108C, the Bank shall serve a written notice of the refusal or cancellation, as the case may be, on the person concerned, including a statement setting out the reasons for the refusal or cancellation, as the case may be.

(6) A decision of the Bank to refuse to register a person under section 108B or to cancel a registration under section 108C is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.]