Article 422-192 into force from 21 December 2013 to 21 February 2019

I. - Real estate and forestry investment companies may not make any public offering unless:

1. They have drafted an offer document authorised by AMF;

2. They have drafted a subscription form.

II. - Furthermore, the initial public offering shall be subordinate to the following:

1. Subscription of the original capital by the founders;

2. Approval by the management company;

3. Acceptance by the external real estate valuation expert presented or the forestry experts presented;

4. Approval of the bank guarantee specified in Article 422-190.