Section 144 - revocation ofcease trade order upon remedying of default - updating of publicdisclosure record by filing outstanding audited financial statements.
Securities Act, R.S.O. 1990,c. S.5 as am., ss. 127, ss. 144.
Ontario Securities CommissionNotice 35 - Revocation of Cease Trade Orders (1995) 18 OSCB5.
IN THE MATTER OF
THE SECURITIES ACT
R.S.O. 1990, C.S.5 (THE "ACT")
IN THE MATTER OF
CANAM INTERNATIONAL PARTNERSHIP1990
WHEREAS the securitiesof Canam International Partnership 1990 (the Issuer) are currentlysubject to an Order made by the Director on behalf of the OntarioSecurities Commission (the "Commission") dated May25, 2001 pursuant to paragraph 2 of subsections 127(1) and 127(5)of the Act and extended by further Order of the Director datedJune 8, 2001 made under subsection 127(8) of the Act (collectively,the Cease Trade Order) directing that trading in the securitiesof the Issuer cease;
AND WHEREAS the CeaseTrade Order was made by reason of the Issuer's failure to filewith the Commission its audited financial statements for theyear ended December 31, 2000;
AND WHEREAS the Issuershave made an application to the Director pursuant to Section144 of the Act for a revocation of the Cease Trade Orders;
AND UPON the Issuer havingrepresented to the Commission that:
1. AIM GP Canada Inc., assuccessor of ADMAX Canada Inc., is the general partner ofthe Issuer. AIM GP Canada Inc. is a wholly owned subsidiaryof AIM Funds Management Inc.
2. The Issuer is a limitedpartnership, formed on October 18, 1989 and existing underthe laws of the Province of Ontario, and was organized forthe purpose of funding deferred sales charge commissions onsales of mutual fund securities issued by Acuity Funds Ltd.,Sagit Investment Management Ltd. and Trimark Investment ManagementInc. (now AIM Funds Management Inc.).
3. The Issuer's authorizedand issued capital is 45,260 original units, 8,542 Class Aunits and 13,450 Class B units.
4. The Issuer is a reportingissuer in the Provinces of British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, PrinceEdward Island, Newfoundland and Labrador, Yukon, Nunavut andNorthwest Territories. The Issuer became a reporting issuerin Ontario on January 29, 1990.
5. As a result of the Issuer'sfailure to file on SEDAR its audited annual financial statementsfor the fiscal year ended December 31, 2000 together withthe auditor's report thereon (the Financial Statements) within140 days after the end of the fiscal period, the Issuer wasin default of its obligations under s.78 of the Act. Thisdefault arose due to an administrative oversight.
6. The Issuer's FinancialStatements were filed on SEDAR on July 23, 2001 and the Issueris therefore no longer in default of its obligations unders.78 of the Act.
7. Except for the Cease TradeOrder, the Issuer has not been previously subject to any ceasetrade orders by the Commission.
8. The Issuer is not currentlysubject to any cease trade orders in any other jurisdiction.
9. Except for the Cease TradeOrder, the Issuer is not in default of any of the requirementsof the Act or the rules and regulations made thereunder.
10. The units of the issuerare not listed or quoted on any exchange or organized market.
AND UPON consideringthe application and the recommendation of staff of the Commission;
AND UPON the Directorbeing satisfied that the Issuer is now in compliance with thecontinuous disclosure requirements under Part XVIII of the Actand has remedied its default in respect of such requirements;
AND UPON the Commissionbeing satisfied that to do so would not be prejudicial to thepublic interest;
IT IS ORDERED under Section144 of the Act, that the Cease Trade Order is hereby revoked.