operation within the period of time specified by the Office and such registration shall be deemed valid until the Office orders otherwise. In cases where the Office declines to grant a renewal to any

approval the Office may specify additional conditions which apply to such investor contact and the securities company which has submitted the application for approval. In case the Office declines to grant

beneficiary to the total future income; the management company shall show that an analysis has been done on each class of unitholders’ stake in comparison to the creditor or other parties’ rights in that future