55-499 - Receipt of application; order or registration. - Virginia Statutes

§ 55-499. Receipt of application; order or registration.

A. The agency shall acknowledge receipt of an application for registrationwithin five business days after receiving it. Within sixty days afterreceiving the application, the agency shall determine whether:

1. The application and the proposed public offering statement satisfy therequirements 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 makecan be completed as represented.

B. If the agency makes a favorable determination, it shall issue promptly anorder registering the cooperative. Otherwise, unless the declarant hasconsented in writing to a delay, the agency shall issue promptly an orderrejecting registration.

(1982, c. 277.)