Distribution requirements mandate regular mandatory payouts from SM REITs and SPVs with prompt payment and interest for delays. The investment manager must ensure that the SPV distributes the majority of its net distributable cash flows to the SM REIT and that the SM REIT distributes all net distributable cash flows to unitholders. Distributions must be declared at least quarterly within a short period after quarter end and paid within a brief interval from the record date, with the record date fixed relative to the declaration date. Delayed payments attract statutory interest payable by the investment manager, and unclaimed distributions are transferred to the Investor Protection and Education Fund without interest, with claim procedures as specified by the Board.
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.
Distribution requirements mandate regular mandatory payouts from SM REITs and SPVs with prompt payment and interest for delays.
The investment manager must ensure that the SPV distributes the majority of its net distributable cash flows to the SM REIT and that the SM REIT distributes all net distributable cash flows to unitholders. Distributions must be declared at least quarterly within a short period after quarter end and paid within a brief interval from the record date, with the record date fixed relative to the declaration date. Delayed payments attract statutory interest payable by the investment manager, and unclaimed distributions are transferred to the Investor Protection and Education Fund without interest, with claim procedures as specified by the Board.
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