The DOT at issue stated that the trustees owed their fiduciary duties to the REIT and that these duties are akin to those owed by directors under the OBCA.
In particular, he observed that the DOT specified that the duties of trustees would be similar to, and not greater than, the duties owed by directors under the OBCA.
, supra note l, s 38(3) states: "[t]he directors shall not declare and the corporation shall not pay a dividend if there are reasonable grounds for believing that, (a) the corporation is or, after the payment, would be unable to pay its liabilities as they become due; or (b) the realizable value of the corporation's assets would thereby be less than the aggregate of, (i) its liabilities, and (ii) its stated capital of all classes.
Harbour's application for relief under section 248 of the OBCA
The new by-law includes the addition of advance notice provisions for nominations of directors by shareholders in circumstances other than pursuant to a requisition of a meeting or a shareholder proposal made pursuant to the provisions of the OBCA
9 per cent of the outstanding shares (58) and promptly initiated a compulsory acquisition under section 188 of the OBCA
to acquire all of FMC's remaining shares.