Chapter IV: Collective investments.

I. – At least 60% of the assets of the forestry savings companies referred to in Article R. 214-161 shall consist of forestry assets comprising : 1° Forests and woods ; 2° Bare land to be afforested; 3° Accessories and outbuildings that are inseparable from the woods and forests, such as : a) Buildings, in particular forest houses ; b) Infrastructures linked to the management of woods and forests; c)…

Exchanges and sales of woodlands and forests, interest shares in forestry groupings or shares in companies whose sole purpose is to hold woodlands and forests by forest savings companies must comply with the following conditions: 1° For exchange transactions, the forest savings company has owned the forest or company share transferred for at least three years at the date of the exchange. This condition is not required for the exchange…

Exchanges, disposals or the creation of rights in rem relating to the forest assets of forest savings companies are subject to authorisation by the ordinary general meeting of shareholders. However, the following transactions, provided that they concern an area of less than 1% of the woods and forests held by the forest savings company, up to a limit of 10 hectares, are subject to simple notification to the general meeting…

Purchasers of shares in a forestry savings company are informed of all the characteristics of the forestry assets and the risks involved.

In application of the second paragraph of article L. 214-121, the forest assets held directly or indirectly by a forest savings company are managed in accordance with one or more approved simple management plans. If, at the time of acquisition of the assets, no simple management plan has been approved, the forest savings company is required to have one approved within three years. In this case, the société d’épargne forestière…

I. – In the event that a forest savings company holds at least 50% of the interest shares of a forestry group or a company whose sole purpose is to hold woodland and forests, the second paragraph of article R. 214-166 also applies to the forest assets of the forestry group or the company whose sole purpose is to hold woodland and forests. II. – In the event that a…

The work and felling carried out in the woods and forests held by forest savings companies must comply with the following conditions: 1° Subject to the provisions of Article R. 214-166, the work and felling must be carried out in accordance with an approved simple management plan; 2° Any felling not provided for in the simple management plan must be subject to prior authorisation from the Centre National de la…

I. – For the application of articles R. 214-150 and R. 214-151 to forest savings companies, the statement of assets corresponds to the inventory. II. – Articles R. 214-148 and R. 214-151 are applicable to sociétés d’épargne forestière subject to the following adaptations: 1° The period during which the documents mentioned in article R. 214-151 must be made available to the statutory auditors is extended to four months following the…

The realisable value and the reconstitution value of the forest savings company are determined each year by the management company. The market value of the forestry assets of a forestry savings company is assessed by one or more independent external forestry experts registered on the list of forestry experts provided for in article L. 171-1 of the French Rural and Maritime Fishing Code. The external forestry experts are appointed by…

A société d’épargne forestière may merge with another société d’épargne forestière or with a groupement forestier managing an estate whose forests are subject to approved simple management plans. However, the merger may not result in a forest savings company being absorbed by a forestry group.