9.
—(1) Upon receiving an application by a related approved institution of a public character for extension of approval, where such application is made in accordance with regulation 12 of the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004), and whether such application is received before, on or after 1st July 2006, a Central Fund Administrator may extend the approval of the related approved institution of a public character for a further period not less than one year and not exceeding 5 years, taking into account the following factors:
(a)
whether the conditions set out in regulation 4 are satisfied at the time of the application for extension;
(b)
the activity level of the approved institution of a public character during the relevant period of approval;
(c)
the amount of donations which qualify for deduction under section 37 of the Act received during the relevant period of approval;
(d)
whether the Income Tax (Approved Institutions of a Public Character) Regulations 2004 (G.N. No. S 39/2004) have been satisfied during the relevant period of approval;
(e)
whether there is or has been any mismanagement, misconduct, incompetence or negligence in the administration of the approved institution of a public character; and
(f)
whether any new condition that the Central Fund Administrator may impose can be satisfied.
(2) In this regulation, “relevant period of approval” means the period of approval or period of extension of approval which will expire but for the extension being applied for under this regulation.