s 54 Convening of extraordinary general meeting on requisition
54.—(1) The directors of the trustee‑manager of a registered business trust must, despite any provision in the trust deed of the registered business trust, on the requisition of unitholders holding in aggregate at the date of the deposit of the requisition at least 10% of the total voting rights of all the unitholders of the registered business trust having at that date a right to vote at general meetings, immediately proceed duly to convene an extraordinary general meeting of the unitholders of the registered business trust to be held as soon as practicable but in any case not later than 2 months after the receipt by the trustee‑manager of the requisition. (2) The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the registered office of the trustee‑manager of the registered business trust, and may consist of several documents in like form each signed by one or more requisitionists. (3) If the directors of the trustee‑manager of the registered business trust do not, within 21 days after the date of the deposit of the requisition, proceed to convene a meeting, the requisitionists or any of them representing more than 50% of the total voting rights of all of the requisitionists, may themselves convene a meeting, in the same manner as nearly as possible as that in which meetings are to be convened by the trustee‑manager, but any meeting so convened must not be held after the expiry of 3 months from that date. (4) The trustee‑manager of the registered business trust must pay to the requisitionists any reasonable expenses incurred by the requisitionists by reason of the failure of the directors of the trustee‑manager to convene a meeting and —(a) the trustee‑manager is liable to make such payment to the requisitionists without any recourse to the trust property of the registered business trust for reimbursement of any expenses incurred as a result of that liability; and (b) any sum so paid by the trustee‑manager to the requisitionists must be retained by the trustee‑manager out of any sums due or to become due from the trustee‑manager to the directors of the trustee‑manager by way of fees or other remuneration in respect of the services of those directors. (5) Any trustee‑manager of a registered business trust which contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.