Sub-paragraph 3: Special rules relating to real estate investment funds

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L214-71L214-72L214-73L214-74L214-75L214-76L214-77L214-78L214-79L214-80L214-81L214-82L214-83L214-84

Article L214-73

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

In accordance with the conditions set out in the General Regulations of the Autorité des marchés financiers, a property investment fund is set up by a portfolio management company responsible for its management.

The management company draws up the fund rules.

These regulations provide for the establishment of a supervisory board made up solely of representatives of unit-holders. The Supervisory Board has a minimum of two members and a maximum of nine members, including a chairman elected by the members, who are bound by confidentiality. The Chairman reminds the other members of the Board that such information is confidential. The Board may not interfere in the management of the fund. The General Regulation of the Autorité des Marchés Financiers sets out the conditions under which the Supervisory Board carries out its duties, the conditions and procedures for appointing its members and the resources made available to them. The members of the Supervisory Board are liable for any personal misconduct in the performance of their duties. They shall not be liable for management actions or the results thereof. The General Regulation of the Autorité des marchés financiers shall set the rules relating to the plurality of offices held on supervisory boards and shall determine the rules of incompatibility.

Whenever it deems necessary and at least once a year, the Supervisory Board shall draw up a report on its mission. The General Regulations of the Autorité des marchés financiers shall determine the conditions under which this report is brought to the attention of unitholders.

The previous paragraph does not apply when the information document provided for in III of Article L. 214-35 stipulates that the real estate investment trust is reserved for no more than twenty unitholders or for a category of investors whose characteristics are defined by the general regulations of the Autorité des marchés financiers.

Subscription or acquisition of units in a real estate investment trust implies acceptance of the fund rules.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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