Subsection 3: Funds open to professional investors

The Articles of Association of the société de libre partenariat shall determine the duration of the accounting periods, which may not exceed twelve months. However, the first financial year may extend over any period not exceeding eighteen months. Within eight weeks of the end of each half-year of the financial year, the manager of the société de libre partenariat shall draw up an inventory of the assets under the supervision…

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.