Notice of Commission Approval: CIPF - Amendments to Sections 12.1 and 15.1 of CIPF By-law No. 1

CANADIAN INVESTOR PROTECTION FUND (CIPF)

AMENDMENTS TO SECTIONS 12.1 and 15.1 OF CIPF BY-LAW NO. 1
EXECUTION OF DOCUMENTS AND
FINANCIAL YEAR END

NOTICE OF COMMISSION APPROVAL


 

The Ontario Securities Commission has approved amendments to Section 12.1 and 15.1 of CIPF By-law No. 1 relating to the Execution of Documents and Financial Year End. The Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the New Brunswick Securities Commission, the Nova Scotia Securities Commission, the Financial Services Regulation Division of the Department of Government Services for Newfoundland and Labrador, and the Saskatchewan Financial Services Commission have all approved the amendments. The proposed amendment to Section 12.1 of By-law No. 1 amended the sign off and approval requirement of contracts exceeding certain dollar limit that have not been approved as part of the annual budget. The proposed amendment to Section 15.1 incorporated CIPF's financial year-end into its By-Law No. 1. CIPF's financial year-end remains at December 31.

The proposed amendments are contained in the Appendix of this Notice.

 

Appendix

Amendments to CIPF By-law No. 1

Section 12.1

Execution of Documents. Contracts, documents or any instruments in writing requiring the signature of the Corporation shall be signed by any two of the Chair, a Vice-Chair, the President, a Vice-President or director, or a combination thereof, provided that any such contract, document or instrument that commits the Corporation to an expenditure or liability in excess of $25,000 and does not relate to a matter that has been approved as part of an annual budget by the Board shall be required to be signed by a director other than the President, together with any person authorized according to the foregoing. All contracts, documents and instruments in writing so signed shall be binding upon the Corporation without any further authorization or formality. The directors shall have power from time to time by resolution to appoint persons on behalf of the Corporation to sign specific contracts, documents and instruments in writing. The directors may give the Corporation's power of attorney to any registered dealer in securities for the purposes of the transferring of and dealing with any stocks, bonds, and other securities of the Corporation. The seal of the Corporation when required may be affixed to contracts, documents and instruments in writing signed as aforesaid or by any person authorized to sign any such contract, document or instrument. persons appointed by resolution of the Board

Section 15.1

Financial Year. Until determined otherwise by the Board, the financial The fiscal year-end of the Corporation shall be the last day of December the month determined by the Board,in each year.