1. Subject to paragraph 2 below, where the Qualifying Investor AIF creates more than one share class within the AIF or within an umbrella, it shall comply with the following:
(a) the constitutional document of the Qualifying Investor AIF must provide for the creation of share classes. In the case of an umbrella Qualifying Investor AIF the provision in the constitutional document to establish the way in which sub-funds, and share classes within sub-funds, are created must be clear and unambiguous;
(b) each Qualifying Investor AIF/sub-fund must consist of a single common pool of assets;
(c) assets may not be allocated to individual share classes;
(d) the capital gains/losses and income arising from that pool of assets must be distributed and/or must accrue equally to each unitholder relative to their participation in the Qualifying Investor AIF/sub-fund;
(e) unitholders in a share class must be treated equally; and
(f) where more than one share class exists, all the unitholders in the di
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