34. Creditors of unitholders to have no rights to obtain possession of trust property

Terms defined in s 2

• creditor

  creditor

  Defined · s 2

  “creditor”, in relation to a registered business trust, means a creditor of the trustee‑manager of the registered business trust where the liability owing to the creditor was incurred by the trustee‑manager on behalf of the registered business trust;

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• registered business trust

  registered business trust

  Defined · s 2

  “registered business trust” means a business trust that is registered by the Authority under section 4(1);

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• trust property

  trust property

  Defined · s 2

  “trust property”, in relation to a business trust, means all property and rights of any kind whatsoever which are held on trust for the unitholders of the business trust, in accordance with the terms of the trust deed, including —(a)contributions of money or any other assets to the business trust;(b)property that forms part of the assets of the business trust under the provisions of this Act;(c)property arising in relation to any contract, agreement or arrangement entered into by or on behalf of the trustee in its capacity as trustee of the business trust;(d)property arising in relation to any claims or rights held by or on behalf of the trustee in its capacity as trustee of the business trust;(e)proceeds from money borrowed or raised by the trustee of the business trust for the purposes of the business trust;(f)property acquired, directly or indirectly, with the contributions or money mentioned in paragraph (a), (b), (c), (d) or (e) or with the proceeds thereof; and(g)profits, income and property derived, directly or indirectly, from contributions, money or property mentioned in paragraph (a), (b), (c), (d) or (e);

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• unitholder

  unitholder

  Defined · s 2

  “unitholder” means a person who holds units in a business trust;

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