BOR 95/20 - Transitional Relief From Recognized Resale Requirements [Rescinded]

IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c. 83

AND

IN THE MATTER OF TRANSITIONAL RELIEF FROM RECOGNIZED RESALE REQUIREMENTS

Order Under Section 59 of the Securities Act

WHEREAS the Lieutenant Governor in Council, by B.C. Reg. 479/95, ordered, among other things, effective January 1, 1996 that,

(a) certain amendments to the Securities Act, S.B.C. 1985, c. 83 (the "Act") are brought into force;

(b) the SecuritiesRegulation, B.C. Reg. 270/86 (the "Old Regulation") is repealed; and

(c) the regulation entitled the "Securities Rules" (the "Rules"), attached to B.C. Reg. 479/95, is made and is designated to be a rule of the Commission;

AND WHEREAS sections 140, 141 and 143 of the Rules require holders that have acquired securities of an exchange issuer before it became a reporting issuer to comply with the seed share resale requirements of the Vancouver Stock Exchange;

AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;

EFFECTIVE January 1, 1996, IT IS ORDERED under section 59 of the Act that section 42 of the Act does not apply to a deemed distribution by a seed shareholder of securities acquired from an exchange issuer before it became a reporting issuer provided that,

(a) the issuer has obtained a receipt for a preliminary prospectus before January1,1996,and

(b) the holder has complied with the resale requirements in section 133 or 134 of the Old Regulation that would have applied if the Old Regulation had not been repealed.

DATED at V ancouver, British Columbia, on December 21, 1995.

Reference: NIN#95/41