Mutual Reliance Review System for Exemptive Relief Applications - application for mutual fund lapse date extension.

Applicable British Columbia Provisions

Securities Act, R.S.B.C. 1996, c.418, s. 70
Securities Rules, B.C. Reg. 194/97, s. 121, 122, 123 and 124.


IN THE MATTER OF THE SECURITIES LEGISLATION OF
QUEBEC, BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,
MANITOBA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA,
PRINCE EDWARD ISLAND AND NEWFOUNDLAND

AND

IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR
EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF
SENTRY SELECT CANADIAN RESOURCE FUND LTD.


MRRS DECISION DOCUMENT


WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of the Provinces of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland (the "Jurisdictions") has received an application (the "Application") from Sentry Select Capital Corp. (“Sentry Select”) and Sentry Select Canadian Resource Fund Ltd. (the "Fund") for a decision, pursuant to the securities legislation of the Jurisdictions (the "Legislation"), extending the periods prescribed by the Legislation for the filing of the Fund’s renewal prospectus, in order to enable it to continue the distribution of its securities beyond the Lapse Date (as defined in paragraph 4 below) of its prospectus dated March 2, 2000 (the Current Prospectus”);

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the Ontario Securities Commission is the principal regulator for this application;

AND WHEREAS it has been represented by the Manager to the Decision Makers that:

1. Sentry Select is a corporation established under the laws of Ontario. It is the manager, promoter and distributor of the Fund.

2. The Fund is a mutual fund corporation incorporated under the laws of the Province of Ontario.

3. The Fund is a reporting issuer under the Legislation and is not default of any of the requirements of the Legislation or the regulations made thereunder.

4. The Fund’s securities are currently distributed to the public in all the Jurisdictions pursuant to the Current Prospectus. The lapse date of the Current Prospectus is March 2, 2001 in certain Jurisdictions, March 6, 2001 in certain other Jurisdictions and March 6, 2001 in Quebec (collectively, the “Lapse Date”).

5. Since the date of the Current Prospectus, no material change has occurred in respect of the Fund and no amendments have been made to the Prospectus.

6. As manager, Sentry Select failed to file the pro forma prospectus of the Fund within the period prescribed by the Legislation due to inadvertence.

AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;

THE DECISION of the Decision Makers pursuant to the Legislation is that the periods prescribed by the Legislation for the filing of the Fund’s renewal prospectus, in connection with the continuous distribution of the Fund’s securities, are hereby extended by two weeks as if the Lapse Date of the Current Prospectus were March 16, 2001, provided that

(a) the Fund’s pro forma prospectus is filed not less than 7 days prior to March 16, 2001;

(b) every security holder of record of the Fund who purchased securities of the Fund in any Jurisdiction after the Lapse Date and before the date of this Decision Document (the “Affected Security Holder”) is provided with the right

• to cancel (the “Cancellation Right”) such purchase within 20 business days from receipt of a statement (the “Statement of Rights”) describing the Cancellation Right, and