(1) An application for grant of certificate shall be made to the Board in such form and shall contain such particulars as may be prescribed and shall be accompanied by a receipt evidencing the payment of the prescribed fee.
     (2) On receipt of such application, the Board shall--
         (a) if the application is not in the prescribed form or does not contain any of the prescribed particulars, return the application to the applicant; or
         (b) if the application is in the prescribed form and contains the prescribed particulars, grant the certificate subject to such terms and conditions as may be determined by regulations.