Article 319-16 into force since 03 January 2018

Without prejudice to Article 319-13, the income, fees and capital gains generated by AIF management, along with any rights attached thereto, shall belong to the unit and shareholders. The AIF shall be the sole beneficiary of the sharing of management fees and subscription and redemption commissions arising from its investments in collective investment scheme.

The asset management company, the delegate of the asset management company for financial management, the depositary, the delegate of the depositary and the company referred to in Article 319-14, 2, c may receive a share of the income from temporary acquisitions and disposals of securities belonging to the AIF on the terms set out in the prospectus or, failing that, the information document for investors in the AIF.

The prospectus or, failing that, the information document for investors in the AIF may provide for payment of a donation to one or several organisations complying with at least one of the following conditions:

1. It holds an administrative ruling certifying that it falls under the category of associations exclusively for purposes of assistance, charity, scientific or medical research, or a religious association;

2. It holds a tax ruling attesting that it is eligible for the scheme of Articles 200 or 238 bis of the French General Tax Code entitling to tax rebates on donations;

3° It is a religious congregation that has been legally recognised by decree further to an opinion issued by the Conseil d'État in compliance with Article 13 of the Law of 1st July 1901.