Encumbrance on REIT units requires re-designation of sponsor before invocation and mandates prompt exchange disclosure. Encumbrance on REIT units may be created during the mandatory sponsor holding period but agreements must include the circular's creation and invocation conditions. Invocation during the mandatory period is permitted only if the invoker causes itself or its nominee to be re-designated as sponsor (unless already in sponsor group) and the re-designated sponsor fulfils sponsor obligations. Sponsors must notify the REIT manager of encumbrance creation within two working days and report any subsequent changes; the REIT must disclose these details to listed exchanges within two working days. The unit holding pattern disclosure is modified to capture mandatory holdings and encumbered units.
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.
Encumbrance on REIT units requires re-designation of sponsor before invocation and mandates prompt exchange disclosure.
Encumbrance on REIT units may be created during the mandatory sponsor holding period but agreements must include the circular's creation and invocation conditions. Invocation during the mandatory period is permitted only if the invoker causes itself or its nominee to be re-designated as sponsor (unless already in sponsor group) and the re-designated sponsor fulfils sponsor obligations. Sponsors must notify the REIT manager of encumbrance creation within two working days and report any subsequent changes; the REIT must disclose these details to listed exchanges within two working days. The unit holding pattern disclosure is modified to capture mandatory holdings and encumbered units.
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