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Book IV - Collective investment products
Title II - AIFS
Chapter II - Funds open to retail investors
Section 4 - Real estate investment companies and forestry investment companies
Paragraph 1 - General regime
Article 422-203 from 17/04/2016 to 21/02/2019

Article 422-203 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/422-203/20160417/notes

The management company may not contract loans, take on debt or carry out fixed-term purchases on behalf of the real estate or forestry investment company, or may do so only up to a set maximum amount.

The shareholders' general meeting shall establish this amount such that it is compatible with the repayment capabilities of the real estate investment company on the basis of its ordinary income for borrowings and debts, and on the basis of its commitment capabilities for fixed-term purchases.

In the event of the sale of one or more items of the rental real estate assets of the company and if the money is not reinvested, the general meeting shall have sole powers to decide on allocation of the revenue from this sale to:

  1. Total or partial distribution with, where applicable, depreciation of the nominal share value;

  2. Allocation to the redemption fund specified in Articles 422-231 to 422-233 inclusive.

In the event of the sale of one or more items of the company's forestry assets, if the money is not reinvested, the general meeting shall have sole powers to decide on allocation of the revenue from this sale to total or partial distribution with, where applicable, depreciation of the nominal share value.