Retirement of Trustees
OFS-3.5.11
A
trustee for the holders ofdebt securities must not cease to be thetrustee until a corporation qualified for appointment astrustee for the holders ofdebt securities has been appointed and has taken office as such. The holders of thesecurities and the CBB must be informed immediately of this event.January 2014OFS-3.5.12
Where provision has been made in the
debt securities or in the relevant trust deed for the appointment of a successor to atrustee for the holders of thedebt securities upon retirement or otherwise, the successor may be appointed in accordance with such provision.January 2014OFS-3.5.13
Where no provision has been made in the
debt securities or in the relevant trust deed for the appointment of a successor to a retiringtrustee , the borrowing corporation may appoint a successor which is qualified for appointment.January 2014OFS-3.5.14
Notwithstanding anything in any
debt securities or trust deed, a borrowing corporation may, with the consent of an existingtrustee for the holders of thedebt securities , appoint as successor to the existingtrustee any corporation which is qualified for such appointment.January 2014OFS-3.5.15
Where the
trustee for the holders of thedebt securities has ceased to exist or to be qualified, or fails or refuses to act or is disqualified, the court may, on the application of the borrowing corporation or the CBB, appoint any corporation qualified to be thetrustee for the holders of the debtsecurities in place of thetrustee which has ceased to exist or to be qualified, which has failed or refused to act astrustee , or which is disqualified.January 2014OFS-3.5.16
Where a successor is appointed to be a
trustee in place of anytrustee , the successor must immediately after the appointment submit to the holders of thesecurities and the CBB notice of such appointment.January 2014