Code of Virginia (Last Updated:July 28, 2020) |
TITLE 55. Property and Conveyances |
CHAPTER 24. Virginia Real Estate Cooperative Act |
ARTICLE 5. Administration and Registration of Cooperatives |
SECTION 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. |