Securities Law & Instruments


Clause 213(3)(b) of the Loan and Trust CorporationsAct - application for approval to act as trustee.

Statutes Cited

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

July 15, 2003

Stikeman Elliott LLP
5300 Commerce Court West,
199 Bay Street, Toronto
M5L 1B9

Dear Jennifer Northcote:

C.A. Delaney Capital Management Ltd.("Delaney")
Application pursuant to clause 213(3)(b)of the Loan and Trust Corporations Act (Ontario)to act as trustee of certain mutual funds to be establishedby Delaney from time to time and offered pursuant to prospectusexemptions (the "Pooled Funds").


Application No. 431/03

Further to your letter dated June 27, 2003 (the"Application") filed on behalf of Delaney, and basedon the facts set out in the Application, pursuant to the authorityconferred on the Ontario Securities Commission (the "Commission")in clause 213(3)(b) of the Loan and Trust Corporations Act(Ontario), the Commission approves the proposal that Delaneymay act as trustee of the Pooled Funds which Delaney will manage.

"Paul M. Moore"
"Harold P. Hands"