Resolutions of investors

(1) The investment conditions of a real estate collective investment fund must provide, for the case of suspension of the redemption of units under section 257, that investors may, by majority resolution, consent to the disposal of particular assets, even where the disposal does not take place on appropriate terms within the meaning of section 257(1), third sentence. Revocation of the consent is not possible. The consent does not oblige the AIF capital management company to dispose.
(2) A resolution of investors is effective only where at least 30 percent of the voting rights were represented when the resolution was adopted. Section 5(4), first sentence, and (6), first sentence, and sections 6 to 20 of the Bond Act (Schuldverschreibungsgesetz) on resolutions of creditors apply correspondingly to resolutions of investors by which they grant or refuse consent, with the proviso that
1. the units issued take the place of the outstanding bonds,
2. the AIF capital management company takes the place of the debtor, and
3. the investor meeting takes the place of the creditor meeting. A convened investor meeting is unaffected by the resumption of the redemption of units.
(3) The vote should be conducted without a meeting, unless extraordinary circumstances make a meeting necessary to inform investors.