Law of Collective Real Estate Investment Schemes

The first assembly meeting shall not be valid unless attended by investors representing at least two-thirds of the capital of the collective real estate investment scheme. If the necessary quorum is not met at the first meeting, a call shall be made for a second meeting to be held within fifteen days following the first meeting. The second meeting shall not be valid unless attended by investors representing at least half of the capital of the collective real estate investment scheme. Assembly decisions in the first and second meetings shall be passed by the majority vote of the shares represented at the meeting; in case of a tie, the vote shall be repeated. If the necessary quorum is not met at the second meeting, a call shall be made for a third meeting to be held within seven days following the second meeting. Such meeting shall be valid regardless of the percentage of shares Law of Collective Real Estate Investment Schemes represented therein, provided that the number of attendees is not less than three. Assembly decisions shall be passed by the majority vote of the shares represented at the meeting.