(a) The board shall decide whether to approve an acquisition under this article within sixty days after receipt of a completed application. However, if the board requests additional information from the applicant following receipt of a completed application, the time limit for decision by the board shall be the later of:
- (1) the date set forth in this subsection (a); or
- (2) thirty days after the board's receipt of the requested additional information.
- (b) The board in its discretion may hold a public hearing in connection with an application if a significant issue of law or fact has been raised with respect to the proposed acquisition.
- (c) If the board holds a public hearing within ninety days after receipt of an application, the time limit specified in subsection (a) shall be extended to thirty days after the conclusion of the public hearing.
- (d) An application shall be deemed approved if the board takes no action on the application within the time limits specified in this section.
HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.