(1) Where any premises are intended to be leased as a dwelling-house, or as building land, it is lawful for any person proposing to lease the same to apply to the Board to fix provisionally the rent which will be the standard rent of the premises when they are so leased and the Board may fix such provisional standard rent accordingly. The applicant shall disclose to the Board the terms and conditions of the proposed lease and all circumstances which will affect the standard rent of the premises and, if the premises are later leased substantially on such terms and conditions and in such circumstances, such provisional standard rent fixed by the Board are considered to be the standard rent of the premises determined by the Board.
(2) The lessor or the lessee of any premises to which this Act applies may at any time apply to the Board to determine the standard rent.
(3) It is lawful for the Board at any time, by notice in writing served on the lessor, to require him or her to apply to the Board within a time to be specified in the notice for the determination of such standard rent and, if the lessor fails so to apply, he or she commits an offence and the Board may determine such standard rent as though he or she had so applied.