Termination of management agreement allows trustee to appoint a registered successor manager and wind up if none consent. Termination of the management agreement is permitted where the manager is being wound up, where unit holders pass a qualifying resolution with prior Board approval, or where the Board or trustee, after Board approval and hearing the manager, decide termination in the unit holders' interest. The trustee must appoint a registered successor manager within three months, the removed manager may remain temporarily or the trustee may act as manager, the successor is substituted into existing documents, the removed manager remains liable for prior acts, and failure to obtain a consenting manager within a further three months permits winding up of the scheme.
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 management agreement allows trustee to appoint a registered successor manager and wind up if none consent.
Termination of the management agreement is permitted where the manager is being wound up, where unit holders pass a qualifying resolution with prior Board approval, or where the Board or trustee, after Board approval and hearing the manager, decide termination in the unit holders' interest. The trustee must appoint a registered successor manager within three months, the removed manager may remain temporarily or the trustee may act as manager, the successor is substituted into existing documents, the removed manager remains liable for prior acts, and failure to obtain a consenting manager within a further three months permits winding up of the scheme.
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