A. The Common Interest Community Board shall acknowledge receipt of an application for registration within five business days after receiving it. Within 60 days after receiving the application, the Common Interest Community Board shall determine whether:
1. The application and the proposed public offering statement satisfy the requirements of this chapter and the Common Interest Community Board’s regulations;
3. It is likely that the improvements the declarant has undertaken to make can be completed as represented.
B. If the Common Interest Community Board 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 Common Interest Community Board shall issue promptly an order rejecting registration.