Clause 21

On an application by the Authority or the trustee-manager or a unitholder of a registered business trust, the court may, by order, appoint a company that has consented in writing to serve as a temporary trustee-manager to be the temporary trustee-manager of the registered business trust for a period of 3 months if the court is satisfied that the appointment is in the interest of the unitholders of the registered business trust.

The company that is appointed by the court under subsection (1) to act as the temporary trustee-manager of a registered business trust shall comply with the duties, obligations and such other requirements imposed under this Act and as may be prescribed by the Authority with respect to the trustee-manager of a registered business trust.

Notwithstanding subsection (2), the court may exempt the temporary trustee-manager of a registered business trust, as it deems appropriate, from sections 6, 14 and 15.

The court may make such further orders in respect of the appointment of a temporary trustee-manager under subsection (1) as it thinks necessary for the protection of the interests of the unitholders of the registered business trust, including an order for the reimbursement of the costs of the application out of the trust property of the registered business trust to the person who made the application under that subsection.

Upon the making of an order by the court appointing a company as the temporary trustee-manager of a registered business trust, the resigning trustee-manager of the registered business trust and that appointed temporary trustee-manager shall comply with such requirements as the Authority may prescribe.

Any trustee-manager of a registered business trust which contravenes subsection (5) shall be guilty of an offence.