3.—(1) Any election under these Regulations—
(a)is to be made by giving written notice to the Scottish Ministers; and
(b)shall, subject to paragraphs (2) and (3), be accepted by them.
(2) No election under these Regulations shall be accepted if—
(a)in the case of an election under regulation 4(1)(c), the amount specified in the election as the amount to be secured is less than the amount specified in regulation 4(2)(d);
(b)in the case of an election falling within regulation 17(2), any information required by that regulation is not given.
(3) The date of an election under these Regulations shall be the date on which written notice is received by the Scottish Ministers.