3045

Applications presented prior to the approval of this act shall be considered and approved under the provisions of §§ 1241 et seq. of this title, known as the 'Capital Investment Funds Act'. Licenses issued under the provisions of said §§ 1241 et seq., shall remain in force during the remainder of their term, but shall not be renewed, nor shall applications presented after the date of approval of this act under said §§ 1241 et seq., be considered. The provisions of §§ 1241 et seq. of this title, shall continue to be applied with respect to the capital generated and authorized under the same. The Commissioner shall not place additional levels of capital in said funds under §§ 1241 et seq. of this title. Nevertheless, said funds shall have the option of requesting the conversion of said licenses under this chapter. The Commissioner shall establish the procedure, terms and conditions for said conversion by regulations.\nHistory —Jan. 28, 2000, No. 46, § 26.