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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