The owner of property upon which another person holds a usufruct. 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.