Article L214-24-38 of the French Monetary and Financial Code
November 8, 2023
Unless otherwise stipulated in the fund rules, unitholders or their beneficiaries may not cause the fund to be split.
Unless otherwise stipulated in the fund rules, unitholders or their beneficiaries may not cause the fund to be split.
Unitholders are liable for the debts of the co-ownership only up to the amount of the fund’s assets and in proportion to their share.
The fund manager, the board of directors or the management board of the management company appoints the fund’s auditor for a period of six financial years, after obtaining the approval of the Autorité des marchés financiers. The appointment of an alternate auditor is not required. Fund unitholders shall exercise the rights conferred on shareholders by articles L. 823-6 and L. 823-7 of the French Commercial Code. The statutory auditor shall…
The redemption by the fund of its units and the issue of new units may be temporarily suspended by the management company when exceptional circumstances so require and if the interests of the unitholders or the public so dictate, under conditions laid down in the fund regulations. In the same circumstances, where the disposal of certain assets would not be in the interests of the unitholders, the other assets may…
The fund is represented vis-à-vis third parties by the company responsible for its management. This company may take legal action to defend or assert the rights or interests of unitholders.
The management company is required to make the declarations stipulated in articles L. 225-126 and L. 233-7 of the French Commercial Code, for all shares held by the mutual funds it manages. Articles L. 225-126, II and III and articles L. 233-14 and L. 247-2 of the French Commercial Code are applicable. When the management company complies with the notification obligation mentioned in article L. 214-24-22, it is not bound…
General purpose investment funds and their management companies shall act independently and solely in the interests of their unitholders or shareholders. They must offer sufficient guarantees with regard to their organisation, their technical and financial resources, and the good repute and experience of their managers.
Without prejudice to the provisions of Title III of Book II of the French Commercial Code, the conditions of liquidation and the methods of asset distribution are determined by the fund rules or the articles of association of the general purpose investment fund. The management company shall act as liquidator; failing this, the liquidator shall be appointed by the courts at the request of any interested party. However, notwithstanding the…
Under the conditions defined by the general regulations of the Autorité des marchés financiers, responsibility vis-à-vis third parties for centralising subscription and redemption orders for units or shares of general-purpose investment funds is entrusted by the general-purpose investment fund or, where applicable, by the portfolio management company representing it, either to the investment fund, to the depositary, to a management company or to an investment services provider authorised to provide…
The statutory auditor is required to report as soon as possible to the Autorité des marchés financiers any fact or decision concerning the general-purpose investment fund of which he has become aware in the course of his duties, which is likely to: 1° constitutes a breach of the legal or regulatory provisions applicable to the general-purpose investment fund and is likely to have a material impact on its financial position,…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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