(1) Before issuing a permit, the board shall hold a public hearing on each application, proper notice of the time and place of which shall be given by fifteen (15) days' notice to the applicant by mail at the address specified in the application and to other interested persons by publication for at least one (1) day in a newspaper of general circulation in the county or municipality.
(2) Notice also shall be given to the chief executive officer on all matters involving the official map and to the commissioner on those matters involving state or federal highways on the official map.
(3) The board shall act upon an application for a permit within forty (40) days of its receipt by the board.