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When directors considered to be independent from substantial shareholder

Business Trusts Regulations

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—(1) A director of a trustee-manager of a registered business trust is considered to be independent from a substantial shareholder of the trustee-manager if he is not that substantial shareholder of the trustee-manager or is not connected to that substantial shareholder of the trustee-manager.(2) For the purposes of paragraph (1), a person is connected to a substantial shareholder if —(a)in the case where the substantial shareholder is an individual, the person is —(i)a member of the immediate family of the substantial shareholder;(ii)a partner of a firm of which the substantial shareholder is also a partner; or(iii)accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the substantial shareholder; or(b)in the case where the substantial shareholder is a corporation, the person is —(i)employed by the substantial shareholder;(ii)employed by a subsidiary or an associated company of the substantial shareholder;(iii)a director of the substantial shareholder;(iv)an executive director of a subsidiary or an associated company of the substantial shareholder;(v)a non-executive director of a subsidiary or an associated company of the substantial shareholder, where the subsidiary or associated company is not the trustee-manager;(vi)a partner of a firm of which the substantial shareholder is also a partner; or(vii)accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the substantial shareholder.

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