Suspension of redemption

(1) Where the investor requires that its share in the real estate collective investment fund be paid out to it against return of the unit, the AIF capital management company must refuse and suspend the redemption of units where the bank balances and the proceeds of the funds invested under section 253(1) do not suffice, or are not immediately available, to pay the redemption price and to ensure proper ongoing management. To procure the funds necessary for the redemption of units, the AIF capital management company must dispose of assets of the collective investment fund on appropriate terms.
(2) Where the liquid funds under section 253(1) do not suffice twelve months after the suspension of redemption under subsection (1), first sentence, the AIF capital management company must continue to refuse redemption and procure further liquid funds by disposing of assets of the collective investment fund. By way of derogation from section 260(1), first sentence, the disposal proceeds may fall short of the value stated there by up to 10 percent.
(3) Where the liquid funds under section 253(1) still do not suffice 24 months after the suspension of redemption under subsection (1), first sentence, the AIF capital management company must continue to refuse the redemption of units and procure further liquid funds by disposing of assets of the collective investment fund. By way of derogation from section 260(1), first sentence, the disposal proceeds may fall short of the value stated there by up to 20 percent. 36 months after the suspension of redemption under subsection (1), first sentence, every investor may require that its share in the collective investment fund be paid out to it from the collective investment fund against return of the unit.
(4) Where the bank balances and liquid funds still do not suffice 36 months after the suspension of redemption, the AIF capital management company must wind up this real estate collective investment fund and distribute it to investors; this also applies where an AIF capital management company suspends the redemption of units for the third time within five years. A fresh running of the periods under subsections (1) to (3) does not arise where the AIF capital management company again suspends the redemption of units within three months, or where, if the investment conditions do not provide for more than four return dates a year, it had resumed the redemption of units only for one redemption date but again refused the redemption of units at the following redemption date, relying on subsection (1), first sentence. Section 99(1), fourth sentence, applies correspondingly.