1245

(a) The capital of each fund or designated entity shall consist of the restricted use capital and the unrestricted use capital. The acquisition of proprietary interests in the fund or the designated entity may be carried out in cash or bearer notes payable in cash, but the acquisition of eligible proprietary interests shall only be carried out in cash.\n(b) The fund’s administrator, or in the case of designated entities, the trustee, the secretary of the board of directors or the managing partner, shall keep a list or registry of the persons who acquire proprietary interests in the fund or the designated entity, including that information established by the Commissioner through regulations to such effect.\n(c) A fund may only borrow money under the Small Business Investment Companies program administered by the Federal Small Business Administration or its successor.\nHistory —Oct. 6, 1987, No. 3, p. 840, § 5; July 11, 1996, No. 70, § 5.