Subsection 2: Funds open to non-professional investors.

I. – At the end of a period of three years from the formation by public offering of the investment forestry groupings mentioned in II of article L. 331-4-1 of the French Forestry Code, or from the first public offering of investment forestry groupings formed without a public offering, the assets of the investment forestry groupings must comprise at least 80% : 1° Forestry assets consisting of: a) Forests and…

Articles R. 214-163, R. 214-164, R. 214-165, R. 214-166, R. 214-168, R. 214-169, R. 214-170 and R. 214-175 are applicable to groupements forestiers d’investissement, subject to the following adaptations: 1° In article R. 214-163 : a) The first paragraph is replaced by the following paragraph: “The exchange and transfer of woodland and forests which forest investment funds may carry out, apart from transfers authorised by II of article L. 214-93,…

A groupement forestier d’investissement may merge with a société d’épargne forestière, another groupement forestier d’investissement or a groupement forestier managing an estate whose forests are subject to approved simple management plans. However, the merger may not result in a forestry investment group being absorbed by a forestry group.

The draft terms of merger are drawn up by the management company of each forest investment group and forest savings company and the manager or management company of each forest group participating in the operation. It contains the following information: 1° A list of the assets of the forestry assets, the names and registered offices of all the companies involved in the merger and a list of the easements and…

In the event of a merger between several forestry investment groups or between one or more forestry investment groups and one or more forestry savings companies or between one or more forestry investment groups and one or more forestry groups, the sustainable management commitments in accordance with 3° of 1 of article 793 of the General Tax Code made by one or more forest investment groups or forestry groups prior…

The forest estate is insured against fire.

The forest holdings of a forest investment group are divided into at least two separate management units at least twenty kilometres apart. The share of one of these management units may not exceed 60% of the total surface area of the group’s forest holdings. If these conditions are not met, the forest estate must meet at least two of the following three criteria: 1° Each composition class, in particular deciduous…