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 / [55] Application of the provisions of the Company Law and special Company Law arrangements.
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55. Application of the provisions of the Company Law and special Company Law arrangements.
(1)(a) The fixed or variable capital investment companies, are governed by the provisions of this Law and, additionally, by the provisions of the Company Law:
It is provided that, articles 4Α, 7(2) to (7), 31, 32, 38 to 46, 47, 47Α to 47Ε, 49, 50, 51, 51Α, 53(1)(b) and (c) and (3), 55, 56, 57, 57Α to 57F, 78, 104, 107, 108(2), 113Α, 114 to 116, 158 to 169, 169A to 169F, 187, 211(d), 213(1)(a)(i) and 355 to 361 of the Company Law, as well as its provisions regarding the division of companies shall not apply to investment companies:
It is further provided that, articles 4(4)(a), 6, 60 to 62 and 64 to 69 of the Company Law, shall not apply to variable capital investment companies.
(b)The provisions of article 3(1) of the Company Law shall apply to an investment company as if the word “seven” (first sentence) is replaced by the word “one”.
(c) The members’ register provided in the Company Law shall be kept in accordance with the provisions of this Law regarding the Unitholders’ Register.
(d) When an investment company, which is a private company, amends its memorandum so that it no longer meets the requirements set out in article 29 of the Company Law to be considered as a private company, shall no longer be a private company and must within fourteen (14) days from the day of this change, file with the Registrar and the Securities and Exchange Commission the relevant notification, along with a resolution for the amendment of its memorandum.
(2) By way of derogation from any other provision of the Company Law, the investment companies are not required to make available to their unitholders the full set of their financial statements, which include the relevant auditors’ and directors’ reports. However, where a unitholder requests to receive the above mentioned statements, the investment company shall satisfy that request, providing the requested documents in either electronic or printed form, at its discretion, unless the unitholder requests to receive the documents in a specific form, where the investment company shall provide them to him in that form.
(3) The provisions of the Company Law regarding the convocation and conduct of general meetings of listed companies on a regulated market shall apply to investment companies proportionately, irrespective of whether they are listed on a regulated market or not.
(4) The investment companies are not required to create reserves.
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