(1) Upon receipt of an application under section 7 , the Commissioner may, if he is satisfied that it is proper for him so to do, grant to the association to which the application relates a certificate of incorporation in the prescribed form.(1A) The Commissioner shall not grant a certificate of incorporation to an association unless he has (a) received the relevant fee prescribed in the regulations for the granting of such a certificate;(b) in a case where he has reduced the relevant fee payable, received the reduced fee; or(c) waived the relevant fee.(2) . . . . . . . .