| THE SECURITIES ACT | ) |
Order No. 3836 |
) |
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| Section 131(1)(c) | ) |
July 25, 2002 |
NATIONAL BANK TREASURY BILL PLUS FUND
WHEREAS:
(A) National Bank Securities Inc. (the "Manager") applied to The Manitoba Securities Commission (the "Commission") for an order under s. 131(1) of The Securities Act, R.S.M. 1988, c. S50 (the "Act") exempting the National Bank Treasury Bill Plus Fund (the "Fund") from the continuous disclosure requirements of Part XII of the Act;
(B) The Manager represented to the Commission that:
1. The Manager is a corporation governed by the laws of Canada and is registered as a mutual fund dealer in the Provinces of Qu�bec, Ontario, New-Brunswick and Prince Edward Island;
2. National Bank Trust Inc. is the trustee and custodian of the Fund;
3. The Fund was started on December 21, 1990 and is a no-load fund managed in Qu�bec;
4. The Fund’s units are offered for sale on a continuous basis in the Provinces of Ontario, Qu�bec, New Brunswick and Prince Edward Island (the " Jurisdictions ") pursuant to Simplified Prospectus and Annual Information Form renewed on March 28, 2001;
5. The Fund’s units were offered in Manitoba pursuant to Simplified Prospectus (the " SP ") and Annual Information Form (the " AIF ") filed on June 9, 1999;
6. The Fund is a reporting issuer solely by virtue of having filed a SP and AIF and receiving a receipt and has not, as at the date immediately following the lapse date of the prospectus, distributed any units in the Province of Manitoba;
7. The Manager is not registered as a mutual fund dealer in the Province of Manitoba;
8. In filing the SP and AIF of the Fund with the Commission, the Manager intended to expand its commercial activities and registered itself as a mutual fund dealer. The registration of the Manager has never been completed in Manitoba;
9. as at the date of this application, there were only two unitholders of the Fund residing in the Province of Manitoba, both of whom acquired their units while resident in another province;
(C) The Commission is satisfied it would not be prejudicial to the public interest to grant the Order requested and that there is adequate justification for doing so.
IT IS ORDERED:
1. THAT, pursuant to subsections 131(1)(c) of the Act, the Fund is exempted from Part XII of the Act.
2. THAT the fee for this order shall be $25.00.
BY ORDER OF THE COMMISSION
Deputy Director – Legal