Securities Law & Instruments


Subsection 62(5) - Extension of lapse date has been requested as pro formaprospectus was file two days late.

Statutes Cited

Securities Act, R.S.O. 1990, c.S.5, as am. ss. 62(2), 62(5)

R.S.O. 1990, c. S.5, as amended (the"Act")


(the "Fund")

(Subsection 62(5))

WHEREAS the Ontario Securities Commission (the "Commission") has receivedan application made on behalf of the Fund for an order pursuant to subsection 62(5) of theAct that the lapse date of the Fund's simplified prospectus and annual information formbe extended;

AND WHEREAS the Fund has represented to the Commission that:

1. The Fund is an open-end unincorporated mutual fund trust established under thelaws of Ontario by a declaration of trust.

2. The Fund is offered in Ontario pursuant to an annual information form (the "AIF")and simplified prospectus (the "Prospectus"), both dated February 4, 1999.

3. The lapse date for the Fund is February 5, 2000.

4. The Fund is a reporting issuer in Ontario and except for the inadvertent late filingof its pro forma AIF and pro forma simplified prospectus (collectively, the "RenewalDocuments"), is not in default of any of the requirements of the securities laws ofOntario.

5. Members Mutual Management Corp., a wholly-owned subsidiary of MemberSavings Credit Union Limited, is the manager and principal distributor of the Fund.

6. The Renewal Documents for the Fund were inadvertently filed on January 7, 2000and not, as required by the Act, on or before January 5, 2000.

7. There have been no material changes to the Fund since the filing of the AIF and theProspectus.

AND UPON the undersigned being of the opinion that to do so would not beprejudicial to the public interest;

IT IS ORDERED pursuant to subsection 62(5) of the Act that the time periodsprovided by subsection 62(2) of the Act, as they apply to the distribution of the units of theFund under the AIF and the Prospectus are hereby extended to the time periods thatwould be applicable if the lapse date for the distribution of the units of the Fund pursuantto the AIF and Prospectus was February 17, 2000.

January 18th, 2000.

"Rebecca Cowdery"