Within 62 days of the public hearing, if held, or from the date of receipt of the complete preliminary site plan and application for approval, the Planning Board shall approve, approve with modifications or disapprove the preliminary site plan.

The Planning Board shall have the authority to impose reasonable conditions to its approval to fulfill the purposes of this chapter.

If no action is taken on the preliminary site plan within the prescribed time period, the completed preliminary site plan shall be considered approved as submitted.

If the preliminary site plan is disapproved, the Planning Board shall state in writing the reasons for such denial. In such case, the Planning Board may recommend further study of the site plan and resubmission to the Planning Board after revision or redesign.

If the preliminary site plan is approved with modifications, the modifications must be shown in the final site plan as a condition of approval.