—(1) Subject to this section, the trustee-manager of a registered business trust shall, on the requisition of such number of unitholders of the registered business trust specified in subsection (2) and unless the unitholders of the registered business trust otherwise resolve at a general meeting, at the expense of the requisitionists —
give to the unitholders of the registered business trust entitled to receive notice of the next annual general meeting, notice of any resolution which may properly be moved and is intended to be moved at that meeting; and
circulate to the unitholders entitled to have notice of any general meeting sent to them, any statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting.
(2) The number of unitholders of a registered business trust necessary for a requisition under subsection (1) shall be —
any number of unitholders representing not less than 5% of the total voting rights of all the unitholders of the registered business trust having at the date of the requisition a right to vote at the meeting to which the requisition relates; or
not less than 100 unitholders holding units in the registered business trust on which there has been paid up an average sum, per unitholder, of not less than $500.
(3) The trustee-manager of a registered business trust shall give the notice of a resolution and the statement referred to in subsection (1)(b) to the unitholders of the registered business trust entitled to have notice of the meeting sent to them by serving on each unitholder, in any manner permitted for service of the notice of the meeting, a copy of the resolution and statement.
(4) The trustee-manager of a registered business trust shall serve the copy of the resolution referred to in subsection (3) in the same manner and, so far as practicable, at the same time as the notice of the meeting and, where it is not practicable for it to be served or given at that time, the trustee-manager shall serve the copy of the resolution or give notice of the general effect of the resolution as soon as practicable thereafter.
(5) The trustee-manager of a registered business trust shall not be bound under this section to give notice of any resolution or to circulate any statement unless a copy of the requisition signed by the requisitionists, or 2 or more copies which between them contain the signatures of all the requisitionists, is deposited at the registered office of the trustee-manager —
in the case of a requisition requiring notice of a resolution, not less than 6 weeks before the meeting; and
in the case of any other requisition, not less than one week before the meeting.
(6) Notwithstanding subsection (5), a copy of a requisition requiring notice of a resolution deposited at the registered office of the trustee-manager shall be deemed to have been properly deposited for the purposes of that subsection even if the copy was not deposited within the time required by that subsection so long as the copy was deposited before an annual general meeting is called and the annual general meeting is called for a date 6 weeks or less after the copy has been deposited.
(7) The trustee-manager of a registered business trust shall not be bound under this section to circulate any statement if the court is, on the application either of the trustee-manager or of any other person who claims to be aggrieved, satisfied that the rights conferred by this section are being abused to secure needless publicity for any defamatory matter and the court may order the trustee-manager’s costs on an application under this section to be paid in whole or in part by the requisitionists, notwithstanding that the requisitionists are not parties to the application.
(8) Notwithstanding anything in the trust deed of a registered business trust, the business which may be dealt with at an annual general meeting of the unitholders of the registered business trust shall include any resolution of which notice is given in accordance with this section, and for the purposes of this subsection, notice shall be deemed to have been so given notwithstanding the accidental omission, in giving it, of one or more unitholders of the registered business trust.
(9) Any trustee-manager of a registered business trust which contravenes subsection (1), (3) or (4) shall be guilty of an offence.
[Companies 1994 Ed., s. 183]