3. Disapplication of Division 2 of Part XIII of Act

The Authority hereby declares that Division 2 of Part XIII of the Act shall not apply to an offer of —

(a)

any debenture stock, bond, note or any other debt securities of a real estate investment trust issued or proposed to be issued by a trustee on behalf of the real estate investment trust (referred to in this Order as debentures of a real estate investment trust); or

(b)

any right, option or derivative in respect of any such debentures of a real estate investment trust.

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