Termination of trusteeship enables appointment of replacement trustee and Board-directed action to secure unit holder interests. Termination arises on specified grounds including cessation under debenture trustee rules, winding up, unit-holder resolution with Board approval, Board removal for regulatory violations with hearing, or trustee notice; the management company must appoint an eligible replacement within three months, failing which the Board may appoint a trustee who is substituted into all relevant documents, requires execution of the prescribed trust deed, assumes regulatory rights and duties, and must apply to Court for winding up while the removed trustee remains liable for prior acts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Termination of trusteeship enables appointment of replacement trustee and Board-directed action to secure unit holder interests.
Termination arises on specified grounds including cessation under debenture trustee rules, winding up, unit-holder resolution with Board approval, Board removal for regulatory violations with hearing, or trustee notice; the management company must appoint an eligible replacement within three months, failing which the Board may appoint a trustee who is substituted into all relevant documents, requires execution of the prescribed trust deed, assumes regulatory rights and duties, and must apply to Court for winding up while the removed trustee remains liable for prior acts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
