French Monetary and Financial Code
In forceI. - At least 60% of the assets of the forestry savings companies referred to in Article R. 214-161 shall consist of forestry assets comprising :
1° Forests and woods ;
2° Bare land to be afforested;
3° Accessories and outbuildings that are inseparable from the woods and forests, such as :
a) Buildings, in particular forest houses ;
b) Infrastructures linked to the management of woods and forests;
c) Forestry and logging equipment;
d) Pastoral land under the conditions set out in the second paragraph of article L. 241-6 of the Forestry Code and article R. 241-2 of the same code;
e) Game feeding and farming land;
f) Ponds enclosed by or adjoining a forested area.
The maximum percentage of surface area that may be devoted by a forestry company to the accessories and outbuildings mentioned in d, e and f is set by joint order of the Minister for Forests and the Minister for the Economy;
4° Interest shares in forestry groups and shares in companies whose sole purpose is to hold woodland and forests.
II. - The assets of forestry savings companies may also include cash or cash equivalents consisting of cash held on account, invested in term accounts, savings bonds issued by a bank or financial institution, treasury bills, negotiable debt securities, units or shares in French or foreign UCITS or FIAs regularly marketed in France and authorised in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds or whose information document provides for a bond classification, or any other instrument that meets the same definitions.
III. - If, at the time of closing the accounts for the financial year, it is noted that the percentage of 60% referred to in I has not been reached, the forestry savings company has a period of one year to comply. This period is extended to three years in the event of a storm, hurricane, cyclone or natural phenomenon recognised as being of abnormal intensity by joint order of the Minister for Forests and the Minister for the Economy declaring a state of natural disaster or, where a biotic agent is involved, by decision of the Minister for Forests.
