(1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner, and on payment of such fee, as may be specified by regulations.
(2) The Board may, by order, either—
- register the insolvency professional; or
- reject the application for reasons to be recorded in writing,
if the application is not in conformity with the requirements specified by regulations.