Investment fund approval under section 9(12) governs application, conditions, continuing validity, and withdrawal for non-compliance. An investment fund may seek approval from the Board for eligibility under section 9(12) by written application with supporting documents, filed three months before the relevant tax year. The Board must refer the application to a committee for examination and recommendations, and may grant approval subject to conditions or reject the application for recorded reasons. Approval applies to the relevant and subsequent tax years unless withdrawn, and may be withdrawn for misrepresentation, non-fulfilment of statutory conditions or guidelines, or breach of imposed conditions, after hearing the fund.