1999 Ruling 9914303 - CONVERSION TO OPEN END UNIT TRUST -- summary under Paragraph 108(2)(a)

Favourable ruling where the units were redeemable for the lesser of 95% of the closing unit price on the date the units were surrendered for redemption and 95% of the closing price for the 10 preceding trading days, with provision for unitholders other than registered plans to instead receive their redemption proceeds as an in specie distribution of a pro rata share of underlying assets (without a discount) in the event that aggregate redemptions exceeded a specified dollar amount in a month, or over a six-month period. "The Trust has received a report from an investment dealer that states that it is reasonable to expect that unitholders will choose to exercise the redemption right in certain circumstances."