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Article L214-116 of the French Monetary and Financial Code

At least 15% of the maximum capital of non-trading property investment companies, as set out in their Articles of Association, must be subscribed by the public within one year of the opening date of the subscription period.

If this obligation is not met, the company is dissolved and the shareholders are reimbursed for the amount of their subscription.

Original in French 🇫🇷
Article L214-116

A concurrence de 15 % au moins, le capital maximum des sociétés civiles de placement immobilier, tel qu’il est fixé par leurs statuts, est souscrit par le public dans un délai d’une année après la date d’ouverture de la souscription.

S’il n’est pas satisfait à cette obligation, la société est dissoute et les associés sont remboursés du montant de leur souscription.

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