Registration of insolvency professional agencies: Board grants, renews, suspends or cancels certificates subject to procedural safeguards. Registration requires an application to the Board in prescribed form with fee; the Board must acknowledge receipt within seven days, may grant or reject the application after providing an opportunity of being heard and communicating the order within fifteen days, may issue certificates subject to terms and conditions and renew them on payment of fee. The Board may suspend or cancel registration for false statements, non compliance with regulations or bye laws, contravention of the Act or other regulatory grounds, but only after affording a reasonable opportunity of hearing and by whole time members.