Definition : Usufruct

Dismemberment of the right of ownership by which the holder of this right (the usufructuary) has, for a certain time, the right of enjoyment of property owned by another (the bare owner), subject to the obligation of the usufructuary of preserving its substance (preservation). The voting right attached to a fraction of co-ownership belongs to the usufructuary. However, the bare owner may exercise such voting rights when the object of the vote is modifying the substance of the property held in co-ownership, changing its destination or terminating the syndicate of co-owners. This allocation of voting rights is not opposable to the syndicate; it is to be discussed only between the usufructuary and the bare owner.

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