110Grant or refusal of approval in principle

110 Grant or refusal of approval in principle

110 Grant or refusal of approval in principle

(1) On receiving an application under section 106, the Regulatory Authority may—

(a) subject to section 111, grant an approval in principle; or

(b) refuse to grant an approval in principle.

(2) Subject to subsection (3), the Regulatory Authority must make a decision on the application within 60 days after the Regulatory Authority receives the application.

Note

If further information is requested under section 108(1), the period between the making of the request and the provision of the information is not included in the 60 day period.

(3) The period referred to in subsection (2) may be extended with the agreement of the applicant.

(4) The Regulatory Authority is taken to have refused to grant an approval in principle if the Regulatory Authority has not made a decision under subsection (1)—

(a) within the relevant time required under subsection (2); or

(b) within the period extended under subsection (3)—
as the case requires.