Sub-paragraph 1: Common provisions

The articles of association of a société de placement à prépondérance immobilière à capital variable (open-ended real estate investment company) or the regulations of the fonds de placement immobilier (real estate investment fund) may provide for the amount of units or shares subscribed to be paid up in instalments. These units are registered shares. If the units or shares have not been fully paid up, the subscriber and successive transferees…