19. (1) On an application made to it by an ICAV under section 18, the Bank shall grant an authorisation in respect of the ICAV if—

(a) it is satisfied that—

(i) the application complies with that section, and

(ii) the ICAV, when authorised, will be capable of complying with the conditions imposed by the Bank under section 27 and any requirements imposed by or under any enactment or financial services legislation,

(b) the Bank has approved the proposed depositary under section 21,

(c) if there is to be a management company, the Bank has approved the proposed management company under section 23, and

(d) the Bank is satisfied that—

(i) the directors of the ICAV are fit and proper persons,

(ii) the experience and expertise of the directors of the ICAV, taken together, is appropriate for the purposes of carrying on the business of an ICAV,

(iii) the name of the ICAV complies with section 29, 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.

(2) If the Bank grants an authorisation under subsection (1), it shall give written notice of the authorisation to the ICAV.

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