The Football Conference today announced that Truro City must satisfy 'certain criteria' by Thursday October 11 at 5pm to be guaranteed continued membership of the competition.
City are in administration and have already suffered a ten-point penalty as a result, which sees them sitting at the bottom of Blue Square Bet South with minus two points after eight games.
Colin Peake, PR and Media board director for the Football Conference, said in a statement today: "Representatives of the Football Conference met on September 26 2012 with representatives of Walsh Taylor Business & Corporate Recovery, the administrator of Truro City Football Club, and its legal advisor.
"The administrator and her advisor have been advised by the Football Conference that, to be guaranteed the club's continued membership of the Competition, the Football Conference board requires the administrator to satisfy certain criteria by 5pm on Thursday October 11 2012.
"The matter is now in the hands of the club's administrator to meet these requirements.
"The Football Conference will not make any further comment during this commercially sensitive period for the club."
It is understood that a number of parties have shown an interest in buying the club, although no offers have yet been forthcoming.
City's players, who have not been paid for several weeks, have stated that they will leave the club after next Tuesday's home league game against Bath City if there is no change in the situation by then.
They are away to Chelmsford Town tomorrow.