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Banking Practice Note

Where one or more of the trustees are unable or refuse to sign the mortgage documents, the remaining trustees can apply to the Court: (a) To seek directions; (b) To remove any trustees who have passed away or resigned; (c) To remove a trustee for cause for refusing to implement the majority decision; or (d) To approve the mortgage documents being signed by a majority of trustees only per s 227(3) and 237 of the Act. 7.

Documents/Practice-notes/Banking-Practice-Note.pdf (204 kb)