(1) Before operating the collective investment scheme that he manages and operates, the plan manager shall register such plan with the board and submit an application to the board in the prescribed format, attaching the prescribed details and fees. (2) Receive the application according to subsection (1). After that, if the board considers it appropriate after conducting the necessary investigation, it will grant the approval to register and operate the collective investment scheme within ninety days from the date of receipt of the application. If information or documents are deemed necessary, the board may request such information, details, information or documents from the concerned plan manager. The Board shall not grant approval to operate a collective investment scheme until such requested information, details, information or documents are received. (4) When granting approval to register and operate a collective investment scheme in accordance with sub-section (2), the Board shall issue a participation certificate or a copy thereof to the participants. (5) The board, when granting approval to the plan manager to operate a collective investment plan in accordance with this section, may also specify the necessary conditions regarding the operation of the collective investment plan and the issuance of participation certificates. The board can add or modify the conditions set in this way as needed.