BOR 91/05 - The Resale of Rights Acquired Under a Rights Offering [Rescinded]
| Published Date: | 1991-06-07 |
|---|---|
| Effective Date: | 1991-07-01 |
| Rescinded Date: | 2001-07-25 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c. 83 AND
IN THE MATTER OF THE RESALE OF RIGHTS ACQUIRED UNDER A RIGHTS OFFERING
Exemption Order under Section 59
WHEREAS it is expedient to provide an exemption from section 42 of the Securities Act, S.B.C. 1985, c. 83 (the "Act") to enable a seller to trade in a right acquired by the seller, whether or not the issuer has been a reporting issuer in the Province for the 12 months preceeding the trade;
AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;
IT IS ORDERED, effective July 1, 1991, under section 59 of the Act that section 42 of the Act does not apply to a trade in a right acquired by a seller under section 55(2)(7) of the Act or BOR#90/3 provided that
1. if the seller is an insider of the issuer, the issuer is not in default of any requirement of the Act or the Securities Regulation, B.C. Reg. 270/86,
2. the trade is not a distribution from the holdings of a control person,
3. no unusual effort is made to prepare the market or create a demand for the security, and
4. no extraordinary commission or other consideration is paid in respect of the trade.
DATED at Vancouver, British Columbia, on June 6, 1991.
Douglas M. HyndmanChairman
REF: NIN#91/8
BOR#90/3