Is a beneficial interest held by shareholders in Del Cano Real Estate Trust a "beneficial interest" in the real estate REIT?
British Columbia, Canada
The following excerpt is from Everest Canadian Properties Ltd. v. Mallmann, 2007 BCSC 312 (CanLII):
Everest submits that because shareholders in the REIT hold a beneficial interest in the assets, the rule in Foss v. Harbottle is not applicable. As noted earlier in these reasons, the issue of the precise nature of the interest the shareholders in Del Cano is not free from controversy. It may be a beneficial interest in the assets of the trust; it may be a right to distributions. However, in my view, assuming without deciding that the shareholders hold a beneficial in the assets, it does not follow that the rule on Foss v. Harbottle is for that reason inapplicable.
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