Subsection 2: Funds open to non-professional investors.

Forest savings companies established pursuant to Article L. 214-121 and their management companies are governed by this sub-paragraph. This sub-paragraph does not apply to forestry savings companies that devote a portion of their assets to subsidising or guaranteeing loans.

I. – At least 60% of the assets of the forestry savings companies referred to in Article R. 214-161 shall consist of forestry assets comprising : 1° Forests and woods ; 2° Bare land to be afforested; 3° Accessories and outbuildings that are inseparable from the woods and forests, such as : a) Buildings, in particular forest houses ; b) Infrastructures linked to the management of woods and forests; c)…

Exchanges and sales of woodlands and forests, interest shares in forestry groupings or shares in companies whose sole purpose is to hold woodlands and forests by forest savings companies must comply with the following conditions: 1° For exchange transactions, the forest savings company has owned the forest or company share transferred for at least three years at the date of the exchange. This condition is not required for the exchange…

Exchanges, disposals or the creation of rights in rem relating to the forest assets of forest savings companies are subject to authorisation by the ordinary general meeting of shareholders. However, the following transactions, provided that they concern an area of less than 1% of the woods and forests held by the forest savings company, up to a limit of 10 hectares, are subject to simple notification to the general meeting…

Purchasers of shares in a forestry savings company are informed of all the characteristics of the forestry assets and the risks involved.

In application of the second paragraph of article L. 214-121, the forest assets held directly or indirectly by a forest savings company are managed in accordance with one or more approved simple management plans. If, at the time of acquisition of the assets, no simple management plan has been approved, the forest savings company is required to have one approved within three years. In this case, the société d’épargne forestière…