Decisions
Solara Technologies Inc. and William Dorn Beattie [Variation Order]
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BCSECCOM #:
2011 BCSECCOM 110
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Document Type:
Variation Order
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Published Date:
2011-03-09
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Effective Date:
2011-03-09
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Details:
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2011 BCSECCOM 110
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2011 BCSECCOM 110
Variation Order
Solara Technologies Inc. and William Dorn Beattie
Section 171 of the Securities Act, RSBC 1996, c. 418
Introduction
¶ 1 This is an order under section 171 of Securities Act, RSBC 1996, c. 418.
Order issued
¶ 2 In a decision issued June 23, 2010, the Commission made an order against Solara Technologies Inc. and William Dorn Beattie (2010 BCSECCOM 357).
Application
¶ 3 Beattie has asked the Commission to vary its June 23, 2010 decision to allow him to be a director and officer of Solara AdWorks Inc. and to allow him and Solara AdWorks to engage in conduct for the purpose of obtaining financing for its business.
Variation Order
¶ 4 After considering the submissions from Beattie and staff, the undertaking from Beattie to the Commission attached as Schedule A, and considering that to do so would not be prejudicial to the public interest, we order under section 171 of the Act, that the June 23, 2010 decision is varied to allow Beattie to be a director and officer of Solara AdWorks and to allow Beattie and Solara AdWorks to engage in conduct for the purpose of obtaining financing for Solara AdWorks’ business so that the June 23, 2010 order is varied to read as follows:
Solara
1. under section 161(b) of the Act, that Solara cease trading securities or exchange contracts;
Beattie
2. under section 161(b), that Beattie cease trading, securities and or exchange contracts for a period of 5 years, except that other than securities of Solara AdWorks, Beattie may trade for his own account through a registrant, if he gives the registrant a copy of this decision;
3. under 161(1)(d)(i), that Beattie resign any position he holds as a director or officer of any issuer, other than Solara and any issuer all the securities of which are owned beneficially by him or members of his immediate family;
4. under section 161(1)(d)(ii), that Beattie is prohibited for 5 years from acting as a director or officer of any issuer, other than Solara, Solara AdWorks and any issuer all the securities of which are owned beneficially by him or members of his immediate family;
5. under section 161(1(d)(iv), that Beattie is prohibited for 5 years from acting in a management or consultative capacity in connection with activities in the securities market;
6. under section 161(1)(d)(v), that Beattie is prohibited for 5 years from engaging in investor relations activities;
7. under section 162, that Beattie pay an administrative penalty of $50,000; and
8. notwithstanding paragraphs 1, 2, 5 and 6, Solara, Solara AdWorks and Beattie may engage in conduct, including advertisement, solicitation, and negotiation, for the purpose of obtaining financing for Solara’s and Solara AdWorks’ business, provided that they seek an appropriate variation order from this Commission before selling securities.
¶ 5 March 9, 2011
¶ 6 For the Commission
Brent W. Aitken Vice Chair |
Bradley Doney
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Shelley C. Williams Commissioner |