Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - Issuer has only one security holder -issuer deemed to have ceased being a reporting issuer.

Subsection 1(6) of the OBCA -- Issuer deemedto have ceased to be offering its securities to the public underthe Business Corporations Act (Ontario).

Applicable Ontario Statutory Provisions

Securities Act, R.S.O. 1990, c. S.5, as am.s. 83.

Business Corporations Act, R.S.O. 1990, c. B.16,as am., s. 1(6).

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ALBERTA, SASKATCHEWAN, ONTARIO,QUEBEC,

NOVA SCOTIA, AND NEWFOUNDLANDAND LABRADOR

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

SCOTIA SPLIT CORP.

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the Decision Maker) in each of Alberta,Saskatchewan, Ontario, Quebec, Nova Scotia, and Newfoundlandand Labrador (the Jurisdictions) has received an applicationfrom Scotia Split Corp. (the Issuer) for:

(i) a decision pursuant to the securitieslegislation of the Jurisdictions (the Legislation) that theIssuer be deemed to cease to be a reporting issuer under theLegislation; and

(ii) in Ontario only, an order under the BusinessCorporations Act (Ontario) (the OBCA) that the Issuerbe deemed to have ceased to be offering its securities tothe public.

AND WHEREAS, under the Mutual RelianceReview System for Exemptive Relief Applications (the System),the Ontario Securities Commission is the principal regulatorfor this application.

AND WHEREAS the Issuer has representedto the Decision Makers that:

1. The Issuer is a corporation governed bythe OBCA with its registered office located at 40 King StreetWest, 26th Floor, Scotia Plaza, Toronto, Ontario, M5W 2X6.

2. The Issuer's authorized capital consistsof an unlimited number of capital shares (the Capital Shares),an unlimited number of preferred shares (the Preferred Shares),and an unlimited number of class A shares (the Class A Shares).

3. The Issuer has been a reporting issuerin the Jurisdictions since an initial public offerings ofCapital Shares and Preferred Shares on April 12, 1996.

4. The Issuer is not in default of any ofits obligations under the Legislation.

5. All of the Capital Shares and PreferredShares were redeemed by the Issuer on May 1, 2003, and werede-listed from the Toronto Stock Exchange as of the closeof business on May 1, 2003.

6. There are currently 100 Class A Sharesissued and outstanding, all of which are owned by one securityholder, MBNT Financial Holdings Limited. The Class A Sharesare not traded on a marketplace as defined in National Instrument21-101 Marketplace Operation.

7. Other than the Class A Shares, the Issuerhas no other securities, including debt securities, outstanding.

8. Immediately following the granting of therequested relief, the Issuer will not be a reporting issuerin any jurisdiction in Canada.

9. The Issuer does not intend to seek publicfinancing by way of an offering of its securities.

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the Decision);

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;

THE DECISION OF the Decision Makers underthe Legislation is that the Issuer is deemed to have ceasedto be a reporting issuer under the Legislation;

June 6, 2003.

"John Hughes"

AND IT IS FURTHER ORDERED by the OntarioSecurities Commission under subsection 1(6) of the OBCA thatthe Issuer is deemed to have ceased to be issuing its securitiesto the public for purposes of the OBCA.

June 6, 2003.

"Harold P. Hands"
"H. Lorne Morphy"