(1)  If the Commission receives an application under section 121 in relation to an associated entity, the Commission may –

(a) register the associated entity; or

(b) refuse to register the associated entity.

(2)  Without limiting subsection (1) , the Commission may refuse under that subsection to register an associated entity if the Commission is of the opinion, on reasonable grounds, that any particulars in the application for registration are incomplete or not correct, but may, if the Commission thinks fit, register the associated entity despite any such defect.

(3)  If the Commission refuses under subsection (1) to register an associated entity the Commission is, as soon as reasonably practicable, to notify the official agent in relation to the associated entity of the refusal and of the reasons for the refusal.

(4)  If the Commission, under subsection (1) , refuses, on the grounds referred to in subsection (2) , to register an associated entity –

(a) the official agent in relation to the associated entity may, within 30 days after the date of the notification under subsection (3) by the Commission, amend the application for registration by substituting the relevant particulars; and

(b) the amended application is taken to have been received by the Commission when the original application was received by it.