approve any bank with whom a member may deposit the additional sum; and
(b)
approve any annuity or class of annuities from any insurer which a member may purchase with the additional sum.
(2) Any bank who wishes to be approved, or an insurer who wishes any annuity or class of annuities issued by it to be approved, under paragraph (1) may apply to the Board in such form and manner as the Board may determine.
(3) The Board may, in granting any approval under paragraph (1), impose such conditions on the bank or relating to the annuity or class of annuities, as the case may be, as the Board considers appropriate.
(4) The Board may cancel any approval under paragraph (1) if the approved bank breaches or the approved annuity or class of annuities fails to conform with any of the conditions imposed under paragraph (3).