De-classification of sponsor status permitted subject to unit-holding cap, manager independence, no fugitive offender, and unit-holder approval. De-classification of sponsor status permitted a sponsor of a listed REIT to relinquish sponsor designation after sustained listing, subject to conditions: the sponsor and associates' combined unit holding below a prescribed cap; the manager not controlled by the sponsor or associates; the sponsor and associates not being fugitive economic offenders; and obtaining unit holder approval as prescribed.
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.
De-classification of sponsor status permitted subject to unit-holding cap, manager independence, no fugitive offender, and unit-holder approval.
De-classification of sponsor status permitted a sponsor of a listed REIT to relinquish sponsor designation after sustained listing, subject to conditions: the sponsor and associates' combined unit holding below a prescribed cap; the manager not controlled by the sponsor or associates; the sponsor and associates not being fugitive economic offenders; and obtaining unit holder approval as prescribed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
