French Monetary and Financial Code
In forceI. - At the end of a period of three years from the formation by public offering of the investment forestry groupings mentioned in II of article L. 331-4-1 of the French Forestry Code, or from the first public offering of investment forestry groupings formed without a public offering, the assets of the investment forestry groupings must comprise at least 80% :
1° Forestry assets consisting of:
a) Forests and woods ;
b) Bare land to be afforested ;
c) Accessories and outbuildings that are inseparable from the woods and forests, such as buildings, in particular forest houses, infrastructure linked to the management of woods and forests, silviculture and forestry equipment, land used for pastoral purposes under the conditions set out in the second paragraph of article L. 241-6 of the French Forestry Code and article R. 241-2 of the same code, land used for game feeding and cultivation and ponds enclosed by or adjoining a forest estate;
2° Sums deposited in a forestry and insurance investment account under the conditions defined in articles L. 352-1 to L. 352-6 of the Forestry Code.
Ia.-The provisions of I are not applicable in the event of a public offering mentioned in 1° of article L. 411-2.
II. - The assets of Groupements forestiers d'investissement 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.
