Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 2 - Fixed or variable capital investment companies / [54] General provisions regarding an investment company.
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54. General provisions regarding an investment company.
(1) An AIF which operates in the form of an investment company shall have either fixed or variable capital, and can be either an internally managed AIF or appoint an external manager to undertake the AIF management in accordance with article 6(2):
It is provided that the provisions of this section shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1).
(2) The investment company has the legal form of a limited liability company with shares, whose sole purpose is the collective management of its portfolio, carrying out the relevant transactions to the benefit of its unitholders, either by itself where it is internally managed, or through the appointment of an external manager.
(3) By way of derogation from the provisions of the Companies Law, in case of a variable capital investment company, the procedure of increase and reduction of its capital shall be determined in its instruments of incorporation.
(4) An existing company, which at the date of application of this Law is registered in accordance with the Companies Law, may convert in a variable capital investment company and operate as an AIF authorised subject to article 13, upon the submission of a relevant application and authorisation by the Securities and Exchange Commission, provided that it fulfils the conditions of Part II, which in such a case applies as if the relevant company was an AIF.
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