The appellant, manager of an income trust, appealed a decision regarding the interpretation of the trust's declaration of trust.
The dispute centered on the method and date for calculating the 'Net Realized Proceeds per Unit' for units redeemed by the respondents.
The Court of Appeal upheld the application judge's finding that the valuation date was the correct date for determining the redemption price under both calculation methods provided in the declaration of trust.
The appeal was dismissed with costs.