Power to grant consent

(1) The Minister may, in his discretion, grant or refuse to grant his consent under section 10 of this Act. (2) Notwithstanding subsection (1) of this section, the Minister shall refuse to grant his consent, as the case may be, if, (a) the proposed public fund has a name which is undesirable or misleading; (b) the proposed public fund does not have a custodian who is functionally independent of the manager or administrator; or (c) he determines that it is not in the public interest that such consent should be granted. (3) Except as provided in section 32 of this Act, where the Minister, in the exercise of his powers under subsection (1) of this section, makes a decision refusing to grant consent, he shall not be bound to assign any reasons for his decision, which decision shall not be subject to appeal or review in any court.