An organization registered as a company in accordance with section 7 shall submit an application to the bank for a license to operate a payment system or provide payment services within six months of receiving the letter of intent along with the following detailed documents:...
(a) Articles of Association and Regulations of the proposed company,
(b) Details of the office building with facilities and services required to operate the payment system or to provide payment services and if the building is leased, a copy of the agreement regarding the restoration of the building,
(c)   Document proving that the amount of shares agreed to be taken by the founder of the organization has been paid up,
(d) the address of the principal place of business and the location of the branch office if ascertained,
(e) The nature of the business to be conducted and the business plan of the organization,
(f) The list of directors and officers of the organization and the declaration that such persons are eligible to be directors and officers in accordance with this Act,
(g)   A commitment expressed by the company to maintain an internal control system for managing potential risks,
(h)     Other documents prescribed by the Bank.
(2) No action shall be taken on the letter of intent of the organization that does not apply for the permit within the period specified in sub-section (1).