Any Fund shall be incorporated as follows: 1. Submit an application, to incorporate a Fund, according to the form set out in Appendix 2 of this Module, the aforementioned application should be enclosed with the complete documents and information set out in Appendix and the required fees must be paid. 2. The Authority may at any time, after it receives the application to incorporate a Fund according to the requirements in item (1) of this article, require additional documents or information that it considers as necessary to decide on such application. If the applicant does not submit the required information and document within the period specified by the Authority, the application shall be considered as void. 3. The Authority shall decide on the application to incorporate a Fund after it receives the application including all of the information and documents set out in the above paragraph (1) and (2) of this article. 4. In the event of rejecting the application, the decision of rejection shall set out the reasons thereof. 5. If the application is approved the applicant shall be notified to pay the licensing fees, and the Authority shall issue a temporary license for three months, within which time the Authority’s requirements and the minimum capital stated in the Fund’s Articles of Association should be met. It is not permitted to practice any of the Fund’s activities based on the temporary license. 6. If the license term expires without meeting the requirements set forth in paragraph (5) of this article, the temporary license shall be terminated, unless it is extended for a similar term at the request of the licensed person before the expiration of the original term of the license. 7. The Authority shall issue the final license - at the request of the licensed person - once the requirements set out in Paragraph (5) of this article are met. In all cases, the Authority shall, notify the applicant of its decision referred to in this article and, publish its decision related to the issuing of the license in the Official Gazette.