The settlor of a trust did not have any right to control the voting rights of shares held by the trust because he did not have the power under the trust deed to remove the current trustee. In addition, it was stated, obiter, that "the mere fact that, at some time the settlor might be in a position to remove trustees at will, does not necessarily mean that incumbent trustees are mere nominees for the voting rights of any shares held by the trust".
Collier J. also concurred with Mahoney J. in Lusita Holdings Ltd. v. The Queen, 82 DTC 6297, affirmed supra, "that the 'right' referred to in paragraph 251(5)(b) is not confined to rights arising under a contract, but extends to rights arising in 'equity or otherwise', apart from pure contract." (p. 5037)