(1)

The ^* PDF Board must register a partnership as a ^* VCLP under this Part if:

(a)

a ^* general partner has applied for registration as a VCLP; and

(b)

the application meets the requirements under section 11-1; and

(c)

any further information requested under section 11-10 has been provided; and

(d)

a general partner has notified the PDF Board that the VCLP has sufficient funds to begin its investment program;

unless the PDF Board is satisfied that the partnership:

(e)

does not meet the ^* registration requirements of a VCLP; or

(f)

has had a previous registration revoked under Division 17.

(2)

The ^* PDF Board must register a partnership as an ^* AFOF under this Part if:

(a)

a ^* general partner has applied for registration as an AFOF; and

(b)

the application meets the requirements under section 11-1; and

(c)

any further information requested under section 11-10 has been provided; and

(d)

a general partner has notified the PDF Board that the AFOF has sufficient funds to begin its investment program;

unless the PDF Board is satisfied that the partnership:

(e)

does not meet the ^* registration requirements of an AFOF; or

(f)

has had a previous registration revoked under Division 17.

(3)

If the ^* PDF Board decides to register the partnership as a ^* VCLP or an ^* AFOF under this Part, the PDF Board must notify a ^* general partner of the partnership as soon as practicable after the decision is made.

(4)

If the ^* PDF Board decides not to register the partnership as a ^* VCLP or an ^* AFOF under this Part, the PDF Board must:

(a)

notify a ^* general partner of the partnership as soon as practicable after the decision is made; and

(b)

provide reasons for the decision.

(5)

The ^* PDF Board cannot register the partnership both as a ^* VCLP and as an ^* AFOF.