Sub-paragraph 3: Société de libre partenariat (unincorporated partnership)

The Articles of Association freely determine the conditions for the distribution of all or part of the assets of the société de libre partenariat, including the repayment of contributions to the members, as well as the conditions under which the société de libre partenariat may request the return of all or part of such assets.

AIFs governed by this paragraph may be transformed without dissolution into a société de libre partenariat under the conditions defined by the AIF’s articles of association or regulations. Existing unitholders or shareholders become limited partners.