Sub-paragraph 3: Management

Non-trading property investment companies and forestry savings companies are managed by a management company referred to in article L. 532-9 of the French Monetary and Financial Code. The management company of non-trading property investment companies and forestry savings companies is appointed in the articles of association or by the general meeting by a majority of the votes held by the shareholders present or represented. The management company, regardless of how…

A supervisory board is responsible for assisting the management company. It is made up of at least seven members of the société civile de placement immobilier or société d’épargne forestière who are appointed by the ordinary general meeting of the société civile de placement immobilier or société d’épargne forestière. It carries out any checks and controls it deems appropriate at any time. It may obtain any document or request a…

Any person who, directly or through an intermediary, actually directs, administers or manages the company under the guise or in the place of the company’s legal representatives is subject to the same obligations and may be liable to the same penalties as these representatives themselves.

The management company may, on behalf of the non-trading property investment company (société civile de placement immobilier) or forestry savings company (société d’épargne forestière) that it manages, take out loans, assume debts or make acquisitions payable in advance, up to a maximum limit set by the General Meeting. This limit takes into account the indebtedness of the companies mentioned in 2° of I of Article L. 214-115. With regard to…

I. – Subject to the limits and conditions laid down by decree of the Conseil d’Etat, a société civile de placement immobilier or a société d’épargne forestière may grant, over its assets, the guarantees necessary for the conclusion of contracts relating to its activity, in particular those relating to the setting up of the loans mentioned in article L. 214-101. II. – Within the limits and conditions set by decree…

The provisions of article L. 214-24-28 shall apply to AIFs covered by this paragraph.