Exemption Orders (Discretionary)
FIRST ISLAND FINANCIAL SERVICES LTD.
2000 BCSECCOM 351
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF FIRST ISLAND FINANCIAL SERVICES LTD.
Order Under Section 88
[para 1]
WHEREAS First Island Financial Services Ltd. (the “Filer”) has applied to the Executive Director for an order under section 88 of the Securities Act, R.S.B.C. 1996, c. 418 that the Filer be deemed to have ceased to be a reporting issuer;
[para 2]
AND WHEREAS the Filer has represented to the Executive Director that:
1. the Filer is a corporation incorporated under the laws of British Columbia and is a reporting issuer under the Act;
2. the Filer is not in default of any of the requirements of the Act or of the Securities Rules, B.C. Reg. 194/97;
3. the Filer’s authorized capital consists of 1,000,000 Class A common voting shares (the “Class A Shares”) of which 771,000 Class A Shares were issued and outstanding;
4. as a result of a redemption and repurchase of all of the issued and outstanding shares of First Island Holdings Ltd., the Filer’s parent company, the Filer has only nine holders of Class A Shares, all of whom are directly involved in the management of the Filer;
5. the Filer also has outstanding debentures in the amount of $1,150,000, which are held by 15 holders, all of whom are also holders of Class A Shares of the Filer or family members of such persons;
6. other than the debentures and the Class A Shares, the Filer has no other outstanding securities;
7. the Class A Shares are not listed or quoted on any exchange or market in Canada or elsewhere; and
8. the Filer does not intend to seek public financing by way of an offering of securities to the public;
[para 3]
AND WHEREAS the Executive Director considers that to do so would not be prejudicial to the public interest;
[para 4]
IT IS ORDERED under section 88 of the Act that the Filer is deemed to have ceased to be a reporting issuer.
[para 5]
DATED December 15, 2000.
Derek E. Patterson
Manager