sec.9Restriction on certain acquisitions of units

sec.9 Restriction on certain acquisitions of units

A person shall not except with the consent of the Governor in Council first had and obtained acquire within the meaning of the trust deed any unit or units if— being a person who is not entitled to any units or is entitled to less than 20% of the units—the person would, immediately after the acquisition, be entitled to more than 20% of the units; or being a person who is entitled to not less than 20% but less than 90% of the units—the person would, immediately after the acquisition, be entitled to a greater percentage of the number of units than the percentage to which that person was entitled immediately before the acquisition. If a person acquires within the meaning of the trust deed any unit or units in contravention of subsection (1) and the Governor in Council has not approved of the acquisition at any time prior to the giving of the notice referred to in this subsection the Minister may with the authority of the Governor in Council first had and obtained, by signed notice, direct the manager at the material time of the trust to give effect to clauses 5A.8 to 5A.9.5 of the trust deed, with respect to that unit or those units or to such of those clauses as is appropriate in the circumstances as if the acquisition were one which caused an infringement or contravention of clause 5A.1 of the trust deed, and the manager is hereby empowered so to do. Upon receipt by the manager of a notice given by the Minister under subsection (2) , the manager of the trust shall comply with the notice in all respects. Nothing in this section shall render the manager of the trust or any trustee liable or responsible by reason of any person acquiring units in contravention of this section. For the purposes of this section, where each of 2 or more persons who are associated persons within the meaning of part 5A of the trust deed has acquired within the meaning of the trust deed units each of those persons shall be deemed to have acquired the whole number of those units. Where a person has acquired within the meaning of the trust deed units in contravention of subsection (1) , the person shall not be entitled to avoid any transaction whereby the person acquired the units nor to claim any refund of or otherwise to recover moneys paid under the transaction. For the purposes of this section the units to which a person is entitled shall be determined in accordance with clause 5A.5.3 of the trust deed. (sec.9-ssec.1) A person shall not except with the consent of the Governor in Council first had and obtained acquire within the meaning of the trust deed any unit or units if— being a person who is not entitled to any units or is entitled to less than 20% of the units—the person would, immediately after the acquisition, be entitled to more than 20% of the units; or being a person who is entitled to not less than 20% but less than 90% of the units—the person would, immediately after the acquisition, be entitled to a greater percentage of the number of units than the percentage to which that person was entitled immediately before the acquisition. (sec.9-ssec.2) If a person acquires within the meaning of the trust deed any unit or units in contravention of subsection (1) and the Governor in Council has not approved of the acquisition at any time prior to the giving of the notice referred to in this subsection the Minister may with the authority of the Governor in Council first had and obtained, by signed notice, direct the manager at the material time of the trust to give effect to clauses 5A.8 to 5A.9.5 of the trust deed, with respect to that unit or those units or to such of those clauses as is appropriate in the circumstances as if the acquisition were one which caused an infringement or contravention of clause 5A.1 of the trust deed, and the manager is hereby empowered so to do. (sec.9-ssec.3) Upon receipt by the manager of a notice given by the Minister under subsection (2) , the manager of the trust shall comply with the notice in all respects. (sec.9-ssec.4) Nothing in this section shall render the manager of the trust or any trustee liable or responsible by reason of any person acquiring units in contravention of this section. (sec.9-ssec.5) For the purposes of this section, where each of 2 or more persons who are associated persons within the meaning of part 5A of the trust deed has acquired within the meaning of the trust deed units each of those persons shall be deemed to have acquired the whole number of those units. (sec.9-ssec.6) Where a person has acquired within the meaning of the trust deed units in contravention of subsection (1) , the person shall not be entitled to avoid any transaction whereby the person acquired the units nor to claim any refund of or otherwise to recover moneys paid under the transaction. (sec.9-ssec.7) For the purposes of this section the units to which a person is entitled shall be determined in accordance with clause 5A.5.3 of the trust deed.