Independence
OFS-3.5.4
A
trustee corporation must not be appointed, hold office or act astrustee for the holders ofdebt securities of a borrowing corporation if thattrustee corporation is:(a) Ashareholder who beneficially holdsshares 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 thosedebt 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 2014OFS-3.5.5
The
trustee must be independent of theissuer , or any of theissuer'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 theissuer .January 2014OFS-3.5.6
An
issuer may remove atrustee 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