Sub-paragraph 1: General scheme

The groupements forestiers d’investissement mentioned in II of article L. 331-4-1 of the Code forestier are subject to articles L. 214-86 to L. 214-113 of this Code. Sociétés Civiles de Placement Immobiliers or Sociétés d’Epargne Forestière may offer their shares to the public, provided that the shares held by the founding members represent a total value at least equal to the minimum share capital as set out in article L….

The draft articles of association of a société civile de placement immobilier or a société d’épargne forestière to be formed by public offering are drawn up and signed by one or more founders. The initial capital must be fully subscribed. The conditions set out in this article do not apply when a société civile de placement immobilier or a société d’épargne forestière is formed by means of a public offering…

The minimum share capital may not be less than €760,000. Shares are registered and have a minimum par value of €150.

Partners may only be held liable if the société civile or the société d’épargne forestière has previously been unsuccessfully sued. Each member is liable to third parties on the basis of his share in the capital, up to a limit of twice the amount of that share. The articles of association of the société civile or société d’épargne forestière may provide that the liability of each member is limited to…

In the event of the personal bankruptcy, liquidation, receivership or safeguard of one of the members of a société civile or a société d’épargne forestière whose shares have been offered to the public, the offer to sell the member’s shares shall be entered in the company register referred to in Article L. 214-93. The provisions of this article do not apply to the public offers referred to in 1° of…

In the case of contributions in kind and the stipulation of special benefits for the benefit of associates or non-associates, a contribution auditor is appointed by court order, at the request of the founders or one of them, or of the management company. This auditor assesses the value of the contributions in kind and any special benefits. His report, appended to the draft articles of association, is made available to…

The provisions of the second paragraph of article 1865 of the Civil Code relating to the publication of transfers of company shares do not apply to non-trading property investment companies and forestry savings companies.