—(1) A person applying for approval under section 23(1) or (2) of the Act shall —
submit to the Authority a written application that sets out —
the name of the applicant;
in the case where the applicant is a corporation —
its place of incorporation;
its substantial shareholders;
its directors and chief executive officer; and
its principal business;
in the case where the applicant is a natural person —
his principal occupation; and
all corporations in which the applicant has a substantial shareholding;
the percentage of shareholding and voting power that the applicant has in the operator of the designated payment system;
the percentage of shareholding and voting power that the applicant is seeking to have in the operator of the designated payment system;
the reasons for making the application;
the mode and structure, as appropriate, under which the increase in shareholding would be carried out;
whether the applicant will seek representation on the board of directors of the operator of the designated payment system; and
any other information that may facilitate the determination of the Authority as to whether the applicant is a fit and proper person for the purposes of paragraph (4)(a); and
pay to the Authority a fee of $500 for every application for approval.
(2) The Authority may require the applicant to furnish it with such information or documents as the Authority considers necessary in relation to the application referred to in paragraph (1) and the applicant shall furnish such information or documents as required by the Authority.
(3) Payment of the fee referred to in paragraph (1)(b) may be made through such electronic funds transfer system as the Authority may designate from time to time, whereby payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority.
(4) The Authority may approve an application made under section 23(1) or (2) of the Act if the Authority is satisfied that —
having regard to the applicant’s likely influence, the operator of the designated payment system will be or is conducting and will continue to conduct its business prudently and in compliance with the provisions of the Act; and
it would not be contrary to the interests of the public to do so.