§ 26-3704 Time for determination.
AC § 26-3704
a. No later than 45 days following acknowledgement of receipt of a complete application or the date that an application is deemed complete pursuant to subdivision c of section 26-3703, a cooperative corporation shall notify the purchaser or purchaser’s agent via email whether its consent to a sale is (i) granted unconditionally, (ii) granted subject to stated conditions, or (iii) denied. b. The cooperative corporation may request from the purchaser or purchaser’s agent, via email, any additional materials for clarification or completion of previously submitted materials within the time for determination pursuant to this section. c. The purchaser may consent in writing to extend the date by which a cooperative corporation must provide notice pursuant to this section. d. The cooperative corporation may extend the date by which it must provide notice pursuant subdivision a of this section 1 time by no more than 14 days without the consent of the purchaser if it provides notice of such extension to the purchaser or purchaser’s agent via e-mail prior to such date. e. If the 45 day period for determination and any applicable extensions ends during a summer recess period, then the time by which the cooperative corporation must meet any requirement of this section shall be tolled during such summer recess period. Such time may be extended pursuant to subdivisions b or c of this section. f. Nothing in this section shall be construed to prohibit a cooperative corporation from lawfully withholding or denying its consent to a sale, or granting consent subject to lawful conditions, during the timeframes allowed for such withholding or denying such consent, or granting such consent subject to lawful conditions, pursuant to this section. (L.L. 2026/058, 1/29/2026, eff. 7/28/2026)
