(a) After review of an application form filed under Sec. 222.3, the Board will take one or more of the following actions:
(1) Indicate by stamp on CAB Form 222 the effective date of the Statement of Authorization, and return to the carrier the duplicate copy of Form 222 as evidence of approval under this part;
(2) Request additional information from the applicant;
(3) Set the application for notice and hearing procedures;
(4) Disapprove the application or approve it subject to such terms, conditions, or limitations as may be required by the public interest; or
(5) Reject the application on the grounds that there is no agreement by the United States authorizing the proposed services.
(b) An order disapproving an application or subjecting it to conditions or limitations shall be transmitted to the President for stay or disapproval. If the President does not stay or disapprove the Board's order, it shall become effective on the 31st day after transmittal to the President, or within any longer time period established in the order.