1244

(a) An investment capital fund or a designated entity that is a corporation or trust shall be organized pursuant to the laws of the Commonwealth of Puerto Rico.\n(b) An investment capital fund or a designated entity may be constituted as a partnership pursuant to the laws of the Commonwealth of Puerto Rico or of any of the states of the United States of America; provided that, in the case of a foreign partnership, the same shall be treated as a partnership, and not as a corporation or association taxable as a corporation, for the purposes of the 1986 United States Internal Revenue Code, as amended.\n(c) Each fund or a designated entity shall be constituted with a name or trade name, whose name or trade name shall not be identical nor so similar that it causes confusion with that of another pre-existing fund or a designated entity.\nHistory —Oct. 6, 1987, No. 3, p. 840, § 4; July 11, 1996, No. 70, § 4.