At least 15% of the maximum capital of forest savings companies, as set out in their articles of association, must be subscribed by the public within two years of the opening date of the subscription. If this obligation is not met, the company is dissolved and the members are reimbursed for the amount of their subscription.
Approval of the management company is subject to the prior opinion of the Centre national de la propriété forestière.
Notwithstanding the first paragraph of article L. 214-101, a decree in the Conseil d’Etat sets out the exchanges, disposals or creation of real rights relating to the forest assets of forest savings companies which fall within the scope of normal management operations and are not subject to authorisation by the ordinary general meeting of members. Notwithstanding the first paragraph of article L. 214-117, a forestry savings company may also merge…
A société d’investissement à capital fixe, known as a “SICAF”, is a public limited company whose purpose is to manage a portfolio of financial instruments, deposits and liquid assets, allowing direct or indirect diversification of investment risks, with the aim of enabling its shareholders to benefit from the results of this management. Except in the cases provided for in the Articles of Association, shares may not be redeemed by the…
The provisions of article L. 214-24-28 shall apply to AIFs covered by this paragraph.
The Board of Directors or the Management Board of the SICAF sets its investment strategy in accordance with conditions defined by decree. This strategy and the planned distribution policy are set out in the SICAF’s Articles of Association and reproduced in the annual report referred to in article L. 225-100 of the French Commercial Code. The investment strategy must be adhered to at all times. It may provide for the…
A SICAF is managed by a portfolio management company covered by article L. 532-9.
The SICAF may only make a public offer if the nominal value of the shares issued exceeds an amount set by decree. This condition does not apply if the SICAF intends to make a public offer as referred to in 1° of Article L. 411-2.
Notwithstanding articles L. 225-127 to L. 225-149-3 of the French Commercial Code, the Chairman of the Board of Directors or the Management Board of the SICAF may carry out a capital increase at any time under the conditions set out in the company’s Articles of Association. A SICAF may not issue shares at a price lower than the net assets per share without offering them in priority to its existing…
When their nominal amount is less than the threshold mentioned in article L. 214-130, the units or shares issued by the SICAF or a closed-end investment fund established under foreign law may not be marketed except to qualified investors mentioned in article L. 411-2, paragraph 1. However, when a non-French resident subscribes for or acquires shares in a SICAF in the course of marketing abroad, the investors to whom the…
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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