Ontario Limited Liability Legislation for Income Trusts Now In Force
|Area||Corporate Finance and Securities, Tax, REITs and Income Securities|
Ontario has finally passed legislation to provide certainty to unitholders of publicly traded trusts that their exposure to claims against the trust will be limited to their investment.
Bill 106, the Budget Measures Act, 2004 (No. 2) ("Bill 106), which proposes the enactment of the Trust Beneficiaries' Liability Act, 2004 (the Act), received Royal Assent yesterday and the Act has been proclaimed in force as of December 16, 2004.