• Independence

    • OFS-3.5.4

      A trustee corporation must not be appointed, hold office or act as trustee for the holders of debt securities of a borrowing corporation if that trustee corporation is:

      (a) A shareholder who beneficially holds shares in the borrowing corporation;
      (b) Beneficially entitled to monies owned by the borrowing corporation to it;
      (c) A corporation that has entered into a guarantee in respect of the principal debt secured by those debt securities or in respect of interest thereon; or
      (d) A corporation that is related to:
      (i) Any corporation referred to in Subparagraphs (a), (b) or (c); or
      (ii) The borrowing corporation.
      January 2014

    • OFS-3.5.5

      The trustee must be independent of the issuer, or any of the issuer's related party, subsidiaries and/or associates, and must exercise the powers and duties as defined in the Trust Law of 2006 and the trust deed, without interference or guidance from the issuer.

      January 2014

    • OFS-3.5.6

      An issuer may remove a trustee after obtaining CBB approval if he exceeds the limits or is otherwise in contravention of the trust deed, or if he violates the provisions of the Trust Law of 2006.

      January 2014