Exemption Orders (Discretionary)
FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP
2001 BCSECCOM 1184
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF
FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP (“PARTNERSHIP”)
FOREST & MARINE INVESTMENTS LTD. (“FMI”)
FOREST & MARINE INVESTMENT TRUST (“UNIT TRUST”)
(collectively Partnership, FMI and the Unit Trust, the “Issuers”)
EXEMPTION ORDER UNDER SECTION 124 OF THE SECURITIES RULES
[para 1]
WHEREAS the Issuers have applied to the Executive Director of the British Columbia Securities Commission (the “Executive Director”) for an Order pursuant to Section 124 of the Securities Rules R.B.C. Reg. 194/97, as amended, (the “Rules”) for an extension of the lapse date of their current consolidated prospectus dated November 15, 2000 (the “Prospectus”) in respect of the distribution of the various securities of the Issuers qualified for distribution by the Prospectus;
[para 2]
AND WHEREAS the Issuers have represented to the Executive Director that:
1. The Partnership is a limited partnership established under the laws of British Columbia and is a reporting issuer under the Securities Act R.S.B.C. 1996, c. 418 (the “Act”);
2. FMI is a company incorporated under the laws of British Columbia and is reporting issuer and an exchange issuer under the Act;
3. The Unit Trust is an unincorporated open-ended trust created under the laws of the Province of British Columbia and is a reporting issuer under the Act;
4. None of the Issuers are on the list of defaulting reporting issuers maintained pursuant to Section 77(2) of the Act;
5. Pursuant to the Prospectus, the Issuers distribute in British Columbia, on a continuing basis, among other things, investment receipt of the Partnership, common shares of FMI, and units of the Unit Trust (the “Securities”);
6. The Prospectus is dated November 15, 2000, and was receipted by the British Columbia Securities Commission on November 16, 2000;
7. In accordance with section 70 of the Act and section 121 of the Rules, the lapse date of the Prospectus is November 15, 2001;
8. In accordance with section 122(b) of the Rules, a pro forma Prospectus for the Issuers was filed on October 16, 2001;
9. In accordance with section 122(c) of the Rules, the Issuers are required to file with the Executive Director a final renewal Prospectus (“Renewal Prospectus”) by November 26, 2001 and, in accordance with section 122(a) of the Rules, obtain a receipt for the Renewal Prospectus by December 6, 2001, to enable distribution of the Securities to continue;
10. By Order dated November 23, 2001, the Executive Director extended the lapse date of the Prospectus to January 2, 2002; and
11. The Issuers wish to extend the lapse date to February 1, 2002 in order to satisfy certain conditions imposed by the Executive Director prior to his receipting of the Renewal Prospectus;
[para 3]
AND WHEREAS the Executive Director considers that to do so would not be prejudicial in the public interest;
[para 4]
IT IS ORDERED under section 124 of the Rules that the time periods provided by clauses 122(a) and (c) and 123(c) of the Rules as they apply to the distribution of the Securities under the Prospectus, are hereby extended to the time periods that would apply if the lapse date of the Prospectus was February 1, 2002.
[para 5]
DATED at Vancouver, British Columbia, on December 21, 2001.
Marcine Renner
Manager