2006 Code of Virginia § 55-393.1 - Receipt of application; effectiveness of registration

55-393.1. Receipt of application; effectiveness of registration.

A. Upon receipt of the application for registration in proper form, theBoard, within five business days, shall issue a notice of filing to theapplicant. Within twenty days after receipt of the application the Boardshall review the application to determine whether the application andsupporting documents satisfy the requirements of this chapter and the Board'sregulations. Within sixty days from the date of the notice of filing, theBoard shall enter an order registering or rejecting the application. If noorder of rejection is entered within sixty days from the date of the noticeof filing, the time-share project shall be deemed registered unless theapplicant has consented in writing to a delay.

B. If the Board determines after review of the application and documentsprovided by the applicant that the requirements of 55-391.1 have been met,it shall issue an order registering the time-share project and shalldesignate the form of the public offering statement.

C. If the Board determines that any of the requirements of 55-391.1 havenot been met, the Board shall notify the applicant that the application forregistration must be corrected in the particulars specified within twentydays. If the requirements are not met within the time allowed, the Boardshall enter an order rejecting the registration which shall include thefindings of fact upon which the order is based. The order rejecting theregistration shall become effective twenty days after issuance. During thistwenty-day period the applicant may petition for reconsideration and shall beentitled to a hearing or to correct the particulars specified in the Board'snotice. Such order of rejection shall not take effect, in any event, untilsuch time as the hearing, if requested, is given to the applicant.

(Code 1950, 55-393; 1981, c. 462; 1985, c. 517.)