Gereglementeerde Vastgoedvennootschap/Société Immobilière Réglementée Sample Clauses

Gereglementeerde Vastgoedvennootschap/Société Immobilière Réglementée. The Issuer, in view of its status as a vastgoedbevak/sicafi, is currently classified under Belgian law as a self-managed "collective investment undertaking". It will therefore be considered as a manager of an "alternative investment fund" (AIF) under the AIFMD, which will be implemented in Belgium as of 22 July 2014. The Issuer proposes to apply for a license as a Openbare Gereglementeerde Vastgoedvennootschap / Société Immobilière Réglementée Publique as provided for by the Bill of Parliament DOC 53 n° 3497/001 voted into law on 22 April 2014 Wet op de gereglementeerde vastgoedvennootschappen / Loi relative aux sociétés immobilières réglementées (GVV/SIR Law). As a result of such modification of regulatory status, the Issuer will not qualify as an AIF and will, while remaining under the current regulatory supervision of the FSMA,not be subject to the AIFMD regulatory framework The license application procedure requires an authorization by the FSMA and the approval by the FSMA of a press release and information memorandum to be published discussing inter alia the impact of the modification of regulatory status. The license application procedure also requires amendments to the articles of association of the Issuer, especially with regard to its corporate object. In essence, this object shall exclusively consist of - making real estate available to users, either directly or through companies in which it participates as allowed by the specific legal provisions applicable to its status; - all activities with regard to the construction, reconstruction, renovation, development, acquisition, disposal, management and exploitation of such real estate; and - holding securities and other financial instruments qualifying as real estate pursuant to the definition of article 2, 5°, vi to x of the GVV/SIR Law; in view of a strategy aiming at the long term holding of its real estate. The activities of the Issuer shall consist of an active management of its portfolio, including the development and the daily management of the real estate under its own responsibility. Any other activity must have added value to such real estate or the users thereof. Upon the approval by the extraordinary shareholders’ meeting of the Issuer of the modification of its regulatory status, the shareholders shall have an exit right. Such exit right consists of their right to sell their shares to the Issuer at a price per share equal to the highest of (i) the latest closing price before the publica...