The company's purpose is: the purchase, sale, construction, administration, management and development of real estate, as well as the rental to its own shareholders of existing apartments and garages in the buildings it owns. It acquired from "Société Immobilière Rieu Parc", a company established in Geneva, by deed of Me Edmond-Lucien DESERT, notary in Geneva, on December 23, 1958, co-ownership rights for 257/3200 in parcels 1271 - 1295 - and 1296 of the commune of GENEVA, Section Eaux-Vives, for the price of Fr 257,000. It acquired from Mr. Charles FERRIERE, in Geneva, by deed of Me Jean-Marc DELESSERT, notary in Geneva, on January 28, 1969, parcel 2245, sheet 38, of the commune of GENEVA, Section Eaux-Vives, for the price of Fr 1,050,000. It acquired from Messrs. Nessim GAON, Samuel TAPERNOUX, Francis SPIRA, residing in Geneva, and from Banque PASCHE SA, established in Geneva, by deed of Me Edmond-Lucien DESERT, notary in Geneva, on February 3, 1971, parcel 2244, sheet 38, of the commune of GENEVA, Section Eaux-Vives, for the price of Fr 623,300. It currently owns the said parcels 2244 and 2245 and parcel 2307, sheet 38, which comes from the first acquisition mentioned above. a) Rent to its own shareholders or to third parties apartments and garages located in its buildings. b) Grant to shareholders an exclusive right to develop and use the co-ownership shares, in accordance with the provisions of articles 646 and following and 712, letter a) and following of the Swiss Civil Code and the co-ownership regulations mentioned in the Land Register and on the basis of a lease agreement and a shareholders' agreement, binding the company to each shareholder. c) Record on the co-ownership shares the real estate mortgages intended to secure loans granted to shareholders, provided that these mortgages do not exceed the value of the co-ownership shares encumbered, fixed without appeal by the company's administration. In this case, the shares corresponding to the encumbered lot must be deposited at the company's headquarters, which may proceed to their cancellation in case of forced realization of the lot. The net proceeds of the realization will be paid to the shareholder who has lost his rights, after deduction of all costs and taxes resulting from this realization. d) Record on the co-ownership shares, easements, in particular rights of habitation in favor of shareholders or third parties. The costs and tax consequences that may result from this are at the expense of the shareholder.
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