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Effect and term of registration.
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15.—(1) Registration as a designated mortgage credit institution authorises the institution named in the certificate of registration to carry on the business of a designated mortgage credit institution in accordance with this Act.
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(2) Registration as a designated public credit institution authorises the institution named in the certificate of registration to carry on the business of a designated public credit institution in accordance with this Act.
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(3) A designated credit institution shall comply with the conditions contained in its certificate of registration or in any document that was issued with the certificate.
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(4) The fact that the Authority has registered a person as a designated credit institution does not of itself make the Authority liable for any financial loss incurred by a person—
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(a) because the institution, any of its officers, employees or agents, or any cover-assets monitor or manager appointed in respect of the institution has contravened or failed to comply with a provision of this Act or any relevant regulatory notice issued under this Act, or any condition of the institution's registration, or
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(b) because the institution has become subject to an insolvency process.
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(5) The registration of a designated mortgage credit institution or a designated public credit institution remains in force until the registration is revoked under this Part.
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