In this note we analyse various stability properties of a max-min fair Rate Control Protocol (RCP) operating with small buffers. We first tackle the issue of stability for networks with arbitrary topologies. We prove that the max-min fair RCP fluid model is globally stable in the absence of propagation delays, and also derive a set of conditions for local stability when arbitrary heterogeneous propagation delays are present. The network delay stability result assumes that, at equilibrium, there is only one bottleneck link along each route. Lastly, in the simpler setting of a single link, single delay model, we investigate the impact of the loss of local stability via a Hopf bifurcation.