A copy of the Deed of Trust for the Port Renfrew Development Trust can be viewed by clicking the link below. 

The Deed of Trust is an unincorporated, open-ended trust established for the purposes specified in Section 4.1.

The Fund is not, is not intended to be, shall not be deemed to be and shall not be treated as, a general partnership, limited partnership, society, syndicate, association, joint venture, company, corporation or joint stock company, nor shall the Trustee or any Trustee or the Unitholders or any of them or any Person be, or be deemed to be, treated in any way whatsoever as liable or responsible hereunder as partners or joint venturers,

The Trustee shall not be, or be deemed to be, the agents of the Unitholders. The relationship of the Unitholders to the Trustee shall be solely that of beneficiaries of the Fund and their rights shall be limited to those conferred upon them by this Deed of Trust.  Except as provided herein, the Trustee will have sole responsibility for the conservation and protection of the Fund Assets, Unitholders will have no responsibility for the conservation or protection of the Fund Assets, and nothing herein will have the effect of constituting the Unitholders as associates in a joint enterprise for the conduct of business.

The Trustee shall, on or before each Distribution Record Date, declare payable, to the Unitholders of record on such Distribution Record Date, such percentage of the Distributable Income for the Distribution Period which includes such Distribution Record Date as the Trustee determine in their discretion. The proportionate share of each Unit of the amount of such percentage of Distributable Income shall be determined by dividing such amount by the number of issued and outstanding Units on such Distribution Record Date. Each Unitholder’s share of such percentage of Distributable Income shall be an amount equal to the proportionate share of each Unit of such percentage of Distributable Income multiplied by the number of Units owned of record by each such Unitholder on such Distribution Record Date. 

To exercise a Unitholder’s right to require redemption under Article 6 of the Deed or Trust, a duly completed and properly executed notice requiring the Fund to redeem Units, in a form approved by the Trustee, shall be sent to the Fund at the head office of the Fund or to the principal corporate trust office of the Transfer Agent together with written instructions as to the number of Units to be redeemed and the Unit Certificate or Unit Certificates representing the Units to be redeemed. No form or manner of completion or execution shall be sufficient unless the same is in all respects satisfactory to the Trustee and is accompanied by any further evidence that the Trustee may reasonably require with respect to the identity, capacity or authority of the Person giving such notice.

Based on the Deed of Trust and at the Trustees discretion redemption shall be issued by either:

• A Cash Redemption - Subject to the Deed of Trust, upon receipt by the Fund of the notice to redeem Units in accordance with Section 6.2, the holder of the Units tendered for redemption shall be entitled to receive a price per Unit in cash (hereinafter called the “Cash Redemption Price”) equal to 95% of the fair market value of such Units as determined by the Trustee acting reasonably and in good faith in their sole discretion, having reference to financial statements and such other information as they may consider appropriate.
• In Specie Redemption - If, pursuant to Section 6.4, Section 6.3 is not applicable to Units tendered for redemption by a holder of Units, then such holder of Units shall, instead of the Cash Redemption Price per Unit specified in Section 6.3, be entitled to receive a price per Unit (the "in specie Redemption Price”) equal to 95% of the fair market value of a Unit as determined by the Trustee in its discretion, and the in specie Redemption Price shall, subject to all necessary Approvals, be paid and satisfied, at the discretion of the Trustee by way of:
• • the issuance to or to the order of the redeeming Unitholder such aggregate amount of Redemption Notes as is equal to the aggregate in specie Redemption Price payable to such Unitholder as determined in the discretion of the Trustee;
  • the distribution, tender or transfer to or to the order of the redeeming Unitholder of Fund Assets, the value of which is equal to the aggregate in specie Redemption Price payable to such Unitholder as determined in the discretion of the Trustee; or
  • by any combination of the issuance of Redemption Notes, the distribution of Fund Assets and cash payment (by way of cheque), to or to the order of the redeeming Unitholder, the value of which, taken together, is equal to the aggregate in specie Redemption Price payable to such Unitholder as determined in the discretion of the Trustee.

• Class A Units $14.00/unit
• Class C Units $14.00/unit