The board may grant a license without examination to licensees of boards of other states requiring equal or higher qualifications, upon the same basis as such states reciprocate with this state, all upon the following terms and conditions:

(1) If the date of the license from the board of such other state is on or before January 1, 1967, no proof of interning in an approved hospital need be submitted to obtain a license from the board giving the applicant absolute authority to practice medicine in this state;

(2) The applicant shall prove to the satisfaction of the board that the applicant has graduated from a medical or osteopathic college approved by the board on the date of application, for the purposes of this chapter, provided that the applicant shall not be granted a license by reciprocity if the date of such applicant's graduation from such medical or osteopathic college shall have occurred prior to July 1, 1963, unless such medical or osteopathic college was approved for the purposes of this chapter by the Composite State Board of Medical Examiners or the State Board of Osteopathic Examiners as of the date of such graduation;

(3) If the date of the license from the board of such other state is after April 18, 1967, the applicant shall submit proof that he has had the same training as is required for applicants for examination in paragraph (2) of subsection (a) of Code Section 43-34-27, in which event the board shall grant the applicant a license from the board giving the applicant absolute authority to practice medicine in this state, provided that if the date of completion of such internship program occurred prior to July 1, 1963, the board shall not grant such license by reciprocity, except as allowed pursuant to the final proviso of this paragraph, unless the internship program was approved by the board as of the date of completion of such internship program by the applicant; and provided, further, that the board may, in its discretion, waive the requirements of this paragraph after determining that an applicant licensed to practice medicine in another state which does not require an internship or residency has been actively engaged in the practice of medicine in such other state for at least two years.