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 / [58] Name, designation, capital and shares.
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58. Name , designation, capital and shares.
(1) The name and designation of the investment company shall comply with the provisions of article 4(2)(b).
(2) Without prejudice to the provisions of article 14(1), an internally managed AIF which operates in the form of an investment company, excluding an AIFM which is an internally managed AIF, shall have, at any time, either in cash or assets readily convertible to cash, an initial capital of at least one hundred and twenty five thousand euro (€125.000)∙ the own funds shall not be calculated in the assets of the AIF which are used for investment purposes, and in case the own funds consist of cash, they shall be deposited into an account of a credit institution established in a member state, in the name of the AIF.
(3) (a) The capital of the variable capital investment company shall be divided in shares without nominal value, but with variable value, and shall be equal to its respective net asset value after deducting its liabilities.
(b) The units of the investment company can only be issued in the name of the unitholder and shall be fully paid to be issued. Fractions of units shall not be recognised.
(4) The units of the investment company shall be registered in the Unitholders’ Register in accordance with article 46, which applies proportionately∙ a confirmation for participation in the investment company shall be issued in accordance with article 48 which applies proportionately:
It is provided that, the marketing price, redemption price or repurchase price given to units of the investment company shall be calculated as the result of the net asset value divided by the number of the issued units, increased by the commissions for the marketing or reduced by the commissions for the redemption or repurchase of units, accordingly.
(5) The provisions of articles 47, 49 and 50 shall apply proportionately to the units of the investment company.
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