Conditions of certificate for SM REITs require ongoing compliance and surrender of registration if no initial offer within set period. The SM REIT's certificate is conditioned on abiding by the Act and these Regulations, adherence to any submitted migration plan, prompt written disclosure to the Board of material falsehoods or material changes in submitted information, continuous satisfaction of chapter conditions by the SM REIT and its parties, and compliance with the Schedule VI Code of Conduct; failure to make an initial offer within three years of registration requires surrender of the certificate, subject to a possible limited extension by the Board.