Not all of the large publicly held businesses in Canada operate
through the legal structure of a corporation. Some of the largest
real estate businesses are structured as trusts and are governed by
a declaration of trust, which is essentially a contract between the
REIT and a trust company, rather than a statute like the Canada
Business Corporations Act. There are also a number of public
entities whose legal structure is a limited partnership and whose
activities are run by a general partner.
All of these entities are subject to the same securities laws as
corporations in the event of a take-over bid for their voting or
equity securities. However, where the legal vehicle is a trust or
limited partnership, particular attention will need to be paid by
bidders to the governing declaration of trust or limited
partnership agreement instead of the corporate law statute that
would govern a corporation. These contracts may contain provisions
for the compulsory acquisition of
