(A) The City Council shall not approve a final map for a subdivision to be created from the conversion of residential real property into a condominium project, a community apartment project, or a stock cooperative project unless it makes the findings as required by Cal. Gov't Code § 66427.1.
(B) The provisions of § 152.059(D) shall not apply to condominium projects or stock cooperatives, which consist of the subdivision of airspace in an existing structure, unless new units are to be constructed or added. The city shall approve or disapprove the conversion of an existing building to a stock cooperative within 120 days following receipt of a completed application for approval of such conversion.
(`67 Code, § 11-11-2)