A person, corporation, firm or partnership intending to open a school shall:
a. Make application to the board on forms as it may require demonstrating the physical premises and the operation of the school will meet minimum criteria as established by the board;
b. Permit an inspection of the premises;
c. Post a bond in favor of the State in an amount which shall be determined on the basis of the school's enrollment, in accordance with regulations provided by the board, except in no case shall the bond posted by a school be in an amount less than $10,000.00; and
d. Pay a fee as required by the board.