BOR 88/05 - The Legending Of Certificates [Rescinded]
| Published Date: | 1988-08-12 |
|---|---|
| Effective Date: | 1988-09-01 |
| Rescinded Date: | 1996-01-01 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c.83 AND
IN THE MATTER OF THE LEGENDING OF CERTIFICATES
ORDER UNDER SECTION 120(3) OF THE SECURITIES REGULATION
WHEREAS effective September 1, 1988, section 120(2) of the Securities Regulation, B.C. Reg. 270/86 (the "Regulation"), requires that where a security, at the date of its issue, is subject to a hold period as defined in section 120(1) of the Regulation (the "Hold Period"), the issuer shall endorse the certificate representing the security with a statement respecting the Hold Period;
AND WHEREAS effective September 1, 1988, section 120(3) of the Regulation provides that the Commission on its own motion may order that section 120(2) of the Regulation does not apply to a particular issuer or class of issuers;
IT IS ORDERED under section 120(3) of the Regulation, effective September 1, 1988, that section 120(2) of the Regulation does not apply to an issuer that is not an "exchange issuer" as defined in section 1 of the Securities Act, S.B.C. 1985, c.83, on the condition that, prior to the completion of the distribution, the issuer gives notice in writing to each purchaser of a security subject to a Hold Period that
(a) the purchaser must file
(i) a report in the attached form (the "Initial Trade Report"), or
(ii) the report required under the laws of the jurisdiction in which the issuer carries on business or in which the issuer is incorporated, organized or continued, provided that the report requires substantially the same information as is required in the Initial Trade Report (the "Purchaser's Report"),
within 10 days of the initial trade of the security by the purchaser; and
(b) where the purchaser has filed an Initial Trade Report or the Purchaser's Report with respect to a security, the purchaser is not required to file a further report in respect of additional trades of securities acquired on the same date and under the same exemption as the security which is the subject of the Initial Trade Report or the Purchaser's Report.
DATED at Vancouver, British Columbia, this 12th day of August, 1988.
Doug Hyndman
Chairman
British Columbia Securities Commission
Attachment
This is the form required under BOR#88/5 -- In the Matter of the Legending of Certificates.
Securities Act
INITIAL TRADE REPORT
1. Name and address of seller
______________________________________________________________
2. Name and address of the issuer whose securities were traded by the seller
_______________________________________________________________
3. Name and address of the party from whom the seller acquired the securities
_______________________________________________________________
4. Description of securities sold
(a) Number and description of securities __________________
(b) Date of acquisition of securities by the seller __________________
(c) Exemption under which securities were acquired by the seller __________________
(d) Exemption under which securities were traded by the seller __________________
(e) Date of sale of securities __________________
(f) Sale price __________________
5. Certificate of seller
The undersigned seller hereby certifies that the information given in this report relating to the seller is true and that, to the best of the seller's information and belief,
(a) the information given in this report relating to any other party is true,
(b) no unusual effort has been made to prepare the market or create a demand for the securities, and
(c) no extraordinary commission or other consideration has been paid in respect of the trade to which this report relates.
DATED at this day of 19 .
____________________________________
Signature of the seller or, if
the seller is a company,
signature of authorized signatory
____________________________________
Name of the seller or, if the
seller is a company, name and
office of authorized signatory
IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE FILED OR FURNISHED UNDER THE SECURITIES ACT THAT, AT THE TIME AND IN LIGHT OF CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A MISREPRESENTATION.
INSTRUCTIONS:
1. If the space provided for any answer is insufficient, additional sheets may be used. Each sheet must be cross referred to the relevant item, properly identified and signed by the person whose signature appears on the report.
2. File this report with the required fee and completed Fee Checklist. In order to determine the fee payable, consult section 183 of the Regulation. Cheques should be made payable to the "Minister of Finance".
September 1, 1988