12. (1) On an application being made to it under section 10, the Bank shall make a registration order in respect of an ICAV if—

(a) it is satisfied that—

(i) the application complies with that section,

(ii) the ICAV will, on the coming into operation of the order, comply with section 13,

(iii) the ICAV will, at that time, comply with any requirements imposed by or under this Act or any other enactment in relation to applications for a registration order, and

(iv) the fee (if any) prescribed under section 32E of the Central Bank Act 1942 for the purposes of this subsection has been paid,

and

(b) it has been provided with a certificate signed by a practising solicitor to the effect that the instrument of incorporation included in the application complies with this Act and any requirements imposed by or under this Act or any other enactment in relation to the contents of instruments of incorporation.

(2) If the Bank makes a registration order under subsection (1), it shall give written notice of the registration order to the applicant.

(3) The registration order shall specify the date on which it shall come into operation.