Equity transfer model
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Fix four-jurisdiction-framework.md's own Self-Similar Governance section under-counting legal forms (Spain's governing instrument is corporate bylaws, not a partnership or trust agreement); align 3 stray 'Woodfine Professional Centres Limited Partnership' mentions to the wiki's dominant 'Professional Centres Canada LP' naming; fix present-tense four-jurisdiction diversification/operating claims in market-and-property-risk.md and legal-proceedings.md to correctly reflect that only Canada is established
@@ -20,7 +20,7 @@ paired_with: equity-transfer-model.es.md cites: [] --- Each Direct-Hold vehicle is designed so its Investment Units transfer over-the-counter between private parties, with the vehicle's own governing body recording the completed transfer. Only one vehicle is currently established — the Canada limited partnership, Woodfine Professional Centres Limited Partnership — and its units are not currently freely transferable, because the partnership is subject to an active British Columbia Securities Commission cease-trade order. The United States, Spain, and Mexico vehicles described below are planned, not yet established. Once transferability applies, two structural principles govern the design: freely transferable equity within a short, enumerated set of conditions, and peer-to-peer execution — no formal secondary market, no market maker, no corporate buyback facility. The model relies on the vehicle's own governing body maintaining custody of ledger records and operates alongside the interest coverage ratio discipline applied at the asset level. Each Direct-Hold vehicle is designed so its Investment Units transfer over-the-counter between private parties, with the vehicle's own governing body recording the completed transfer. Only one vehicle is currently established — the Canada limited partnership, Professional Centres Canada LP — and its units are not currently freely transferable, because the partnership is subject to an active British Columbia Securities Commission cease-trade order. The United States, Spain, and Mexico vehicles described below are planned, not yet established. Once transferability applies, two structural principles govern the design: freely transferable equity within a short, enumerated set of conditions, and peer-to-peer execution — no formal secondary market, no market maker, no corporate buyback facility. The model relies on the vehicle's own governing body maintaining custody of ledger records and operates alongside the interest coverage ratio discipline applied at the asset level. ## Key takeaways