Securities Law & Instruments


Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager for approval to act as trustee of a mutual fund trust and future mutual fund trusts that it manages.

Statutes Cited

Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as am., clause 213(3)(b).

June 15, 2004

Borden Ladner Gervais LLP
Scotia Plaza
40 King Street West
Toronto, Ontario
M5H 3Y4

Attention: Leslie Erlich

Dear Sirs/Mesdames:

Royal Securities Corp. (the "Applicant")
Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) (the "LTCA") for approval to act as trustee
Application No. 509/04

Further to the letters dated May 12, 2004 and June 10, 2004 (the "Application") filed on behalf of the Applicant, and based on the facts set out in the Application, pursuant to the authority conferred on the Ontario Securities Commission (the Commission) in clause 213(3)(b) of the LTCA, the Commission approves the proposal that the Applicant act as trustee of the Royal China Fund Series I and other pooled funds that may be established and will be managed by the Applicant, the securities of which will be offered pursuant to a prospectus exemption.

"Paul M. Moore"
"Suresh Thakrar"