Subsection 2: Funds open to non-professional investors

The main purpose of forest savings companies is to acquire and manage forest assets. At least 60% of their assets consist of woodland or forests, shares in forestry groupings or companies whose sole purpose is to hold woodland and forests, and cash or cash equivalents. The woods and forests held by these companies must be managed in accordance with an approved simple management plan. Shares in forest savings companies are…

The proportion of the assets of forest savings companies made up of woodland and forests is set at 51% when these companies devote, under conditions defined by decree in the Conseil d’Etat, a fraction of their assets to subsidising or guaranteeing loans granted by credit institutions or finance companies approved by the administrative authority to finance investment, development or exploitation of woodland and forests.

At least 15% of the maximum capital of forest savings companies, as set out in their articles of association, must be subscribed by the public within two years of the opening date of the subscription. If this obligation is not met, the company is dissolved and the members are reimbursed for the amount of their subscription.

Approval of the management company is subject to the prior opinion of the Centre national de la propriété forestière.

Notwithstanding the first paragraph of article L. 214-101, a decree in the Conseil d’Etat sets out the exchanges, disposals or creation of real rights relating to the forest assets of forest savings companies which fall within the scope of normal management operations and are not subject to authorisation by the ordinary general meeting of members. Notwithstanding the first paragraph of article L. 214-117, a forestry savings company may also merge…