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Ontario Introduces Limited Liability Legislation for Income Trusts

June-22-2004

Area Corporate Finance and Securities, Tax, REITs and Income Securities

Summary


The Ontario government tabled legislation yesterday in the legislature to provide certainty to unitholders of publicly traded trusts that their exposure to claims against the trust will be limited to their investment.  The new legislation will apply to unitholders of any trust that is a “reporting issuer” under the Securities Act (Ontario) if its declaration of trust selects Ontario as its governing law. 

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