Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 14

A registration filed by a trustee under Article 5 becomes effective in twelve (12) business days from the date the Competent Authority receives the written opinion issued by the competent authority of the respective industry under Paragraph 3 of Article 5 herein.If the registration documents submitted by the trustee are incomplete or the required information is not fully provided, but the trustee submits supplementation in full on its own accord prior to being notified by the Competent Authority of the suspension of effective registration, the registration becomes effective when the effective registration period set out in the preceding paragraph has elapsed.