Clause 12

by inserting, immediately after the words “or all of the units in any particular class, in a” in subsection (1), the word “registered”;

by deleting paragraph (b) of subsection (1) and substituting the following paragraph:“(b)any other person,”;

by inserting, immediately after subsection (2), the following subsections:“(2A) Where alternative terms were offered to the unitholders, a dissenting unitholder is entitled to elect which of those terms the dissenting unitholder prefers, on or before the later of the following dates:

the last day of one month after the date on which the notice is given under subsection (1); (b)the 14th day after a statement is supplied under subsection (3).(2B) In offering alternative terms to the unitholders, the transferee must state which of those terms is to apply to the acquisition of the units of a dissenting unitholder where the dissenting unitholder fails to make the election within the time allowed under subsection (2A).(2C) In determining whether the arrangement or contract has been approved by the holders of the requisite number of units, or units of any particular class, under subsection (1), the units that are issued after the date of the offer are to be disregarded.”;

by deleting the words “transferee by a written demand served on the transferee” in subsection (3) and substituting the words “trustee‑manager of the subject trust by a written demand served on the trustee‑manager of the subject trust”;

by deleting subsections (8) and (9) and substituting the following subsections:“(8) Where any money or other consideration is held in trust by the trustee of the subject trust for any person under this section, the trustee holding the money or other consideration may, after the expiry of 2 years and must, before the expiry of 10 years, after the date on which such money or other consideration was received by the trustee, transfer the money or other consideration to the Official Receiver.(9) The Official Receiver must —

deal with any moneys received under subsection (8) as if the moneys were paid to the Official Receiver pursuant to section 49; and

sell or dispose of any other consideration so received under subsection (8) in any manner that he or she thinks fit and must deal with the proceeds of the sale or disposal as if it were moneys paid to him or her pursuant to section 49.”;

by deleting the full‑stop at the end of the definition of “real estate investment trust” in subsection (14) and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “register of unitholders” includes any records kept by the trustee‑manager of the subject trust, or with respect to the subject trust, of the names and addresses of holders of derivatives of units in a registered business trust.”; and

by inserting, immediately after subsection (14), the following subsections:“(15) In this section and sections 40B and 40C, “units”, in relation to a registered business trust, includes derivatives of units in a registered business trust.(16) In this section and section 40C, “unitholders” includes holders of derivatives of units in a registered business trust but does not include a person who holds derivatives of units in a business trust only beneficially.(17) Nothing in the definition of “units” in subsection (15) is to be read as requiring any units to be treated —

as units of the same class as those into which they are convertible or for which the holder is entitled to subscribe; or

as units of the same class as other units by reason only that the units into which they are convertible or for which the holder is entitled to subscribe are of the same class.”.