Approved bank or approved annuity
14.—(1)  The Board may, from time to time, approve any bank with whom a member may deposit the minimum sum or an annuity which a member may purchase from the insurer of that annuity with the minimum sum which he is required to set aside under section 15 (6)of the Act.
(2)  Any bank approved by the Board or any insurer whose annuity has been approved by the Board under paragraph (1) shall comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the minimum sum scheme.