(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.