15th June, 2012 Statutory Instruments 22. (1) The Authority shall, within sixty days of receipt of an application by a universal service provider approve or reject the application. 237 Determination of applications (2) The Authority shall, when deciding an application take into account the following: (a) whether the universal service provider’s development proposal is acceptable and feasible; (b) whether the development proposal justifies funds being requested; (c) whether the funds being requested may be released as a lump sum or in instalments; (d) the possible time within which the development proposal will be implemented; and (e) any other matter necessary for giving effect to the provisions of this regulation (3) Where the Authority finds that the development proposal is feasible and acceptable, the Authority shall direct the Fund Manager to make a disbursement of funds and shall include in the direction (a) the name of the universal service provider requesting the disbursement; (b) the development proposal; (c) the amount of money required; (d) the Authority’s finding. (4) Where the Authority accepts a universal service provider’s application the manager shall release the money to the universal access provider concerned. (5) The manager shall, within seven days of the decision by the Authority inform, in writing, the universal access provider concerned of that decision. 23. Disbursement of money to the universal service provider from the Fund shall be by way of cheque or bank transfer. Disbursement of funds to universal service provider 24. (1) A universal service provider to which money from the Fund is to be disbursed in accordance with regulation 23, shall open and maintain a separate bank account at a bank of its own choice, where only money transferred from the Fund shall be kept. Banking of money