s 137U Duty of substantial unitholder to notify trustee and responsible person of interests
137U.—(1) Sections 135 to 137B apply, with such modifications and qualifications as may be necessary, to a person who is a substantial unitholder of a real estate investment trust as though —(a) references to the corporation to which notification should be given were references to —(i) the trustee of the real estate investment trust; and (ii) the responsible person for the real estate investment trust; (b) references to shares or voting shares in the corporation were references to units or voting units in the real estate investment trust; and (c) references to a substantial shareholder in the corporation were references to a substantial unitholder of the real estate investment trust, and such person must comply with those provisions accordingly. [2/2009] (2) Any person to whom subsection (1) applies who —(a) intentionally or recklessly contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or (b) in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which the person knows is false or misleading in a material particular or is reckless as to whether it is, shall be guilty of an offence and shall — (c) in the case of an individual, be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction; or (d) in the case of a corporation, be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[2/2009] (3) Any person to whom subsection (1) applies who —(a) contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or (b) in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which is false or misleading in a material particular, in circumstances other than as set out in subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction. [2/2009] (4) No proceedings shall be instituted against a person for an offence under this section after ––(a) a court has made an order against the person for the payment of a civil penalty under section 137ZD in respect of the same contravention; or (b) the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 137ZD(4), in respect of the same contravention.[2/2009]