§ 55-499. Receipt of application; order or registration
A. The agency shall acknowledge receipt of an application for registration within five business days after receiving it. Within sixty days after receiving the application, the agency shall determine whether:
1. The application and the proposed public offering statement satisfy the requirements of this chapter and the agency's regulations;
2. The declaration and bylaws comply with this chapter; and
3. It is likely that the improvements the declarant has undertaken to make can be completed as represented.
B. If the agency makes a favorable determination, it shall issue promptly an order registering the cooperative. Otherwise, unless the declarant has consented in writing to a delay, the agency shall issue promptly an order rejecting registration.
(1982, c. 277.)
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