5.—(1) Any member who wishes to deposit the additional sum with an approved bank or banks may apply to the Board in such form and manner as the Board may determine.
(2) Any application for approval under paragraph (1) shall contain such information and particulars as the Board may require.
(3) If the Board is satisfied that the member has opened an account with an approved bank or banks and that the account is to be used solely for the purpose of depositing the additional sum, the Board shall transfer the member’s additional sum to his account in the bank or banks.
(4) A member is entitled at any one time to deposit the additional sum in more than one account with any approved bank.