BOR 91/02 - Rules for Shelf Prospectus Offerings and for Pricing Offerings After the Prospectus is Receipted [Rescinded]

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

IN THE MATTER OF RULES FOR SHELF PROSPECTUS OFFERINGS AND FOR PRICING OFFERINGS AFTER THE PROSPECTUS IS RECEIPTED

Exemption Order Under Section 59

WHEREAS the British Columbia Securities Commission (the "Commission") has issued National Policy Statement No. 44 - Rules for Shelf Prospectus Offerings and For Pricing Offerings After the Prospectus Is Receipted (the "Policy");

AND WHEREAS the Policy is structured on the basis that issuers of securities in compliance with the Policy will be exempted from certain requirements of the Securities Act, S.B.C. 1985, c. 83 (the "Act");

AND WHEREAS the Commission considers that providing such an exemption will increase flexibility and reduce costs and time pressures for issuers making public offerings without reducing investor protection;

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

IT IS ORDERED, effective May 10, 1991, under section 59 of the Act that section 42 of the Act does not apply to a trade in a security by an issuer in compliance with the Policy provided that the trade is made in compliance with section 42 of the Act, except for the requirements contained in

1. section 42 of the Act, as to the form and content of a preliminary prospectus and a prospectus,

2. sections 47 and 48 of the Act,

3. sections 49 and 50 of the Act, as to the form of certificates of the issuer, promoter and underwriter, and

4. section 51 of the Act, as to the date by which the distribution of securities pursuant to a prospectus must cease;

provided that either a preliminary short form prospectus and short form prospectus or a preliminary prospectus and prospectus

1. are filed under section 42 of the Act pursuant to, and in accordance with, the requirements and procedures of the Policy, and

2. are supplemented and amended pursuant to, and in accordance with, the requirements and procedures of the Policy, including the requirement with respect to the filing of amendments, where required by the Policy, in compliance with sections 47 and 48 of the Act.

DATED at Vancouver, British Columbia, on May 3, 1991.