The average valence of the vanadium ion in VO[OCH2C(CH3hlzCl-AliBu3 reaction product was measured by a potentiometric method. The number of active centers at-30-80°C was measured by kinetic extrapolation. The active center was assumed to be mainly v+'. By analysis of theIR spectrum of reaction product of two catalyst components, the Al-0-V, Al-0, and V-Cl bonds were confirmed. Probably the active center was v+ 3 having a regular octahedral structure with Al-Cl-V and Al-0-V bridge bonds. Electron donation from butadiene to v+ 3 makes possible a complex formation between them and chain initiation. The propagation is considered to be controlled by coordinating site, a transfer to the monomer was found to be the dominating factor for termination reaction at-30 to-60°C.