The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations

94. Term of the REIT manager of an I-REIT and prohibition on penalties

Edition: 2023-10-06 · In force

(1)A REIT manager shall be appointed for a term of three years but may be reappointed for subsequent terms each not exceeding three years.

(2)An appointment or reappointment under paragraph (1) shall be subject to approval by an ordinary resolution of REIT securities holders.

(3)A REIT manager shall not be paid additional fees or penalty as a consequence of the REIT manager not being reappointed.

(4)For the purposes of paragraph (3), a fee which is payable—

(a)upon the REIT manager ceasing to act as such; or

(b)at a higher rate than otherwise payable including where it has been deferred and whether payable in cash, by way of a profit share or other means;

shall be deemed to be a penalty and void.