NIN 91/17 - Section 203(3)(b) of the Company Act Consent by the Superintendent of Brokers to the Waiver of the Appointment of an Auditor for a Subsidiary Corporation [NIN - Rescinded]
| Published Date: | 1991-09-27 |
|---|---|
| Effective Date: | 1991-09-25 |
Section 203(3)(b) of the Company Act, R.S.B.C. 1979, c. 59 (the "Company Act") authorizes the Superintendent of Brokers (the "Superintendent") to approve in writing the waiver of the appointment of an auditor for a "subsidiary", as defined in section 1(3) of the Company Act.
The Superintendent will generally approve a waiver of the appointment of an auditor for a subsidiary only where the following criteria are met:
1 the subsidiary is not a "reporting issuer", as defined in section 1(1) of the Securities Act, S.B.C. 1985, c.83 (the "Act");
2 the subsidiary is wholly-owned by its parent or "holding company", as defined in section 1(5) of the Company Act; and
3 if the parent or holding company is a reporting issuer, it is not in default of any requirement of the Act or the Securities Regulation, B.C. Reg. 270/86.
The waiver will be for a period of one year. If the waiver is not approved by the Superintendent, the subsidiary and its parent or holding company may refer to section 203(3)(a) of the Company Act for an alternate form of relief.
No fee will be charged for an application to the Superintendent under section 203(3)(b) of the Company Act.
Dated at Vancouver, British Columbia on September 25, 1991.
Superintendent of Brokers