French Monetary and Financial Code
In forceI. - If the fund rules provide for capital to be called up in stages, it shall be paid up by the unitholders at the request of the management company before the end of the lock-up period provided for in VII of article L. 214-28.
The fund rules define the terms and conditions under which interest is charged on amounts not paid by the due date set by the management company.
II. - (Repealed)
III. - At the end of the subscription period(s) referred to in IX of article L. 214-28, the management company may distribute a portion of the fund's assets in cash.
However, this distribution may be made in financial instruments admitted to trading on a regulated market within the meaning of article R. 214-32-18 if the fund rules so provide, no specific provision or clause limits the free transferability of these securities and all unitholders are given the option of receiving payment of the distribution in cash or in shares.
The sums or values thus distributed are allocated in priority to the redemption of the shares.
A special report is drawn up by the auditors when the distribution is made to the holders of units to which special rights are attached.
