Eligibility criteria for REIT registration: sponsor, manager and trustee qualifications govern governance and unit rights. Registration of a REIT requires the trust deed to be a registered instrument with REIT as its main objective; sponsors, manager and trustee must be distinct and identified, sponsors must meet collective and individual net worth and experience requirements and be disclosed including sponsor groups tied to assets or unit holdings, the manager must meet net worth, experience, staffing and independence criteria and enter an investment management agreement with the trustee, the trustee must be a registered debenture trustee independent of sponsor and manager with adequate infrastructure, and unit rights and governance safeguards limit superior rights and permit limited sponsor subordinate units plus nomination and stewardship conditions for significant unitholders.
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Provisions expressly mentioned in the judgment/order text.
Eligibility criteria for REIT registration: sponsor, manager and trustee qualifications govern governance and unit rights.
Registration of a REIT requires the trust deed to be a registered instrument with REIT as its main objective; sponsors, manager and trustee must be distinct and identified, sponsors must meet collective and individual net worth and experience requirements and be disclosed including sponsor groups tied to assets or unit holdings, the manager must meet net worth, experience, staffing and independence criteria and enter an investment management agreement with the trustee, the trustee must be a registered debenture trustee independent of sponsor and manager with adequate infrastructure, and unit rights and governance safeguards limit superior rights and permit limited sponsor subordinate units plus nomination and stewardship conditions for significant unitholders.
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