Registration

(a) Upon the transfer of Arkansas income tax credits pursuant to Arkansas Code § 15-5-1406 of the Venture Capital Investment Act of 2001, Arkansas Code § 15-5-1401 et seq., to the Arkansas Institutional Fund, LLC (successor to U.S. Partnership for State Investment, LLC), the designated investor group (DIG) selected by the Arkansas Development Finance Authority, a notification indicating the face amount of the tax credits and the state tax year in which the tax credits may first be claimed (which shall not limit the carryforward provisions permitted under the Venture Capital Investment Act of 2001) will be issued by the authority with:

(1) The original going to the DIG along with a copy for its files;

(2) A copy going to the Revenue Division of the Department of Finance and Administration; and

(3) A copy retained by the Arkansas Development Finance Authority.

(b) Upon the subsequent transfer or sale of tax credits by the DIG, the Transfer of Certificate section of the original certificate (the "Tax Credit Certificate" or "certificate") will be issued by the DIG indicating the:

(1) Original Arkansas Development Finance Authority notification information;

(2) Face amount of the tax credits; and

(3) State of Arkansas (the "state") tax year in which the tax credit may first be claimed (which shall not limit the carryforward provisions permitted under the Venture Capital Investment Act of 2001).

(c) The original Tax Credit Certificate will be given to the transferee or purchaser with:

(1) A copy going to the Arkansas Development Finance Authority;

(2) A copy going to the division; and

(3) A copy maintained by the DIG.