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The Alberta Gazette
Part I
Vol. 102	Edmonton, Saturday, October 14, 2006	No. 19
RESIGNATIONS & RETIREMENTS
(Justice of the Peace Act)
Death of Justice of the Peace
August 18, 2006 
Angeline Urquhart of Edmonton
______________
Resignation of Justice of the Peace
May 5, 2006 
Michelle Ollive of Leduc
May 31, 2006 
Cynthia Sawyer of Calgary
June 30, 2006 
Beth Greaves of Calgary
July 3, 2006 
Caron Terlecki of Calgary
July 12, 2006 
Patrick M. McIlhargey of Calgary
July 14, 2006 
Darlene Monague of Calgary
August 1, 2006 
Ursula Abresch of Calgary
August 30, 2006 
Holly Kucinskas of Wetaskiwin
August 31, 2006 
P. Joan Leonard of Calgary 
Caroline Elizabeth Wilson of Calgary
September 1, 2006 
Amanda Laprise of Fort McMurray
ORDERS IN COUNCIL
O.C. 442/2006
(Municipal Government Act)
Approved and ordered: 
Norman Kwong 
Lieutenant Governor.	September 13, 2006
The Lieutenant Governor in Council changes the name of the County of 
Vermilion River No. 24 to the County of Vermilion River
Ralph Klein, Chair.
GOVERNMENT NOTICES
Agriculture, Food and Rural Development
Form 15
(Irrigation Districts Act) 
(Section 88)
Notice to Irrigation Secretariat: 
Change of Area of an Irrigation District
On behalf of the Western Irrigation District, I hereby request that the Irrigation 
Secretariat forward a certified copy of this notice to the Registrar for Land Titles for 
the purposes of registration under Section 22 of the Land Titles Act and arrange for 
notice to be published in the Alberta Gazette.
The following parcels of land should be removed to the irrigation district and the 
notation removed from the certificate of title:
LINC Number
Short Legal Description 
as shown on title
Title Number
0013 134 929
4; 25; 24; 15;SW
061 287 034
0010 370 146
8010030;6;49
061 314 809
I certify the procedures required under part 4 of the Irrigation Districts Act have been 
completed and the area of the Western Irrigation District should be changed 
according to the above list.
Laurie Hodge, Office Manager,
		Irrigation Secretariat.
Energy
Hosting Expenses Exceeding $600.00 
For the quarter ending March 31, 2006
Function: Centennial Medal Presentation 
Purpose: To present Alberta Centennial Medals to recipients nominated by the 
Minister of Energy for their contributions to Alberta in the energy field. 
Amount: $1,797.25 
Date: January 24, 2006 
Location: Calgary, Alberta


Justice
Office of the Public Trustee
Property being held by the Public Trustee for a period of Ten (10) Years
(Public Trustee Act)
Section 11 (2)(b)
Name of Person Entitled 
to Property
Description of 
Property held 
and its value or 
estimated value
Property part of deceased 
person's Estate or held 
under Court Order: 
Deceased's Name 
Judicial District Court 
File Number
Public Trustee 
Office 
 
Additional 
Information 
Robert Carnegie aka 
Robert Trynchy 
(File #148218)

Cash on hand 
$2,717.75
Estate 
Sally Anne Carnegie 
JD of Edmonton 
SES03 114120
Edmonton 
(File #141866)
Dwayne Swenson 
(File #151008)

Cash on hand 
$2,773.81
Estate 
Dorothy Katchur 
JD of Edmonton 
SES03 108159
Edmonton 
(File #151006)
Richard Swenson 
(File #151009)
Cash on hand 
$2,773.81
Estate 
Dorothy Katchur 
JD of Edmonton 
SES03 108159
Edmonton 
(File #151006)
Darold Swenson 
(File #151010)

Cash on hand 
$2,773.81
Estate 
Dorothy Katchur 
JD of Edmonton 
SES03 108159
Edmonton 
(File #151006)

_______________________________
2005 Annual Report
(Electronic Interception) 
(Section 195(5) of the Criminal Code)
1.	The number of applications made for authorizations (by a provincially designated 
agent or police officer):

a)
Section 184.2
34
b)
Section 185
20
c)
Section 188
1
d)
Section 487.01(4)
6

2.	The number of applications made for renewals of provincial authorizations:

a)
Section 186
0
b)
Section 487.01(4)
0

3.	The number of applications granted under:

a)
original authorizations
28
b)
emergency authorizations
1
c)
renewal authorizations
0

	The numbers of applications refused under:

a)
Section 185
0
b)
Section 188
0
c)
Section 186
0
d)
Section 487.01(4)
0

	The number of applications granted subject to conditions under:

a)
Section 185
25
b)
Section 186
10
c)
Section 188
1
d)
Section 487.01(4)
6

4.	The number of persons identified in an authorization against whom proceedings were 
commenced at the instance of the Attorney General of Alberta in respect of:

a)
an offence specified in the authorization
55
b)
an offence other than an offence specified in the 
authorization but in respect of which an authorization 
may be given
10
c)
an offence in respect of which an authorization may not 
be given 
9

5.	The number of persons not identified in an authorization against whom proceedings 
were commenced at the instance of the Attorney General of Alberta in respect of:

a)
an offence specified in the authorization
0
b)
an offence other than an offence specified in the 
authorization but in respect of which an authorization 
may be given
10
c)
an offence other than an offence specified in such an 
authorization and for which no such authorization may 
be given  
9

And whose commission or alleged commission of the offence becomes known to a 
peace officer as a result of an interception of a private communication under an 
authorization.

6.	The average period for which authorizations were given and for which renewals 
thereof were granted:

60
days


7.	The number of authorizations that by virtue of one or more renewals thereof were 
valid:

a)
for 60 days or less
20
b)
for more than 60 days
1
c)
for more than 90 days
1
d)
for more than 120 days
1
e)
for more than 180 days
1
f)
for more than 240 days
0

8.	The number of notifications given pursuant to Section 196:

174


9.	The offences in respect of which authorizations were given, specifying the number of 
authorizations given in respect of each such offence:

STATUTE
SECTION
NUMBER OF 
AUTHORIZATIONS
CRIMINAL CODE



87(1)
0

88(1)
2

94(1)
0

95
0

96
0

99(1)
2

139(2)
0

155
0

192
0

235
2

235(1)
24

236
0

239
0

239(b)
3

240
1

244
0

264
0

264.1
1

267
0

267(a)
1

268
3

271
0

279(1)
0

279(2)
0

334
0

334(b)
0

342(3)
0

344
1

344(a)
0

344(b)/463
1

346(1)
1

348(1)(a)
0

348(1)(b)
0

354
0

355
0

355(a)
0

368(1)
0

380
0

380(1)
0

423.1
0

430(1)
1

430(3)
0

433
3

434
0

435
0

455(1)(f)
0

462.31
0

464
0

465
2

465(1)
6

465(1)(a)
8

465(1)(c)
0

467.11/467.12/
467.13
0
CONTROLLED DRUGS 
AND SUBSTANCES ACT



5(2)
0

10.	A description of all classes of places specified in an authorization and the number of 
authorizations in which each class of place was specified:

	Residence
	Permanent	Temporary
Permanent  
Residence         /     Authorizations

Temporary 
Residence           /   Authorizations

44          /
13  /

5          /
4  /

                                
                             Commercial
	Premises	Vehicles	Others
Commercial 
Premises          /       Authorizations

Commercial 
Vehicle            /         Authorizations

Commercial 
Other         /        Authorizations
18           /
9  /

8           /
5  /

57      /
16  /

To further clarify question 10 - state number of classes of places specified 
in the authorization and the number of authorizations:  for example:  30 
permanent residences / 7 authorizations
11.	From the following categories, specify the number of times in which a particular 
method of interception was authorized:

	Telecommunications	Microphone	Video	Other
134

22

0

0

12.	The number of persons arrested whose identity became known to a peace officer as a 
result of an interception under an authorization:

24


13.	The number of criminal proceedings commenced at the instance of the Attorney 
General in Alberta in which private communications obtained by interception under 
an authorization were adduced in evidence and the number of such proceedings that 
resulted in a conviction:

a)
Criminal proceedings adduced in evidence
32
b)
resultant convictions
4

14.	The number of criminal investigations in which information obtained as a result of 
the interception of a private communication under an authorization was used although 
the private communication was not adduced in evidence in criminal proceedings 
commenced at the instance of the Attorney General as a result of the investigation.

0


15.	The number of prosecutions commenced against officers or servants of Her Majesty 
in Right of Canada or members of the Canadian Forces for offences under Section 
184 or Section 193:

0


	The interception of private communications continues to be an important tool for 
the investigation, prevention and prosecution of offences in Alberta, especially in 
the area of drug offences and criminal organization investigations.
Alberta Securities Commission
Please note that "Commentary" sections are for interpretive purposes only and do not 
have the force of law.
NATIONAL INSTRUMENT 81-107  
Independent Review Committee for Investment Funds  
 
(Securities Act)
 
Made as a rule by the Alberta Securities Commission on November 1, 2006 pursuant 
to sections 223 and 224 of the Securities Act.
TABLE OF CONTENTS 
Part 1	DEFINITIONS AND APPLICATION 
        1.1	Investment funds subject to Instrument
        1.2	Definition of a "conflict of interest matter"
        1.3	Definition of "entity related to the manager"
        1.4	Definition of "independent"
        1.5	Definition of "inter-fund self-dealing investment prohibitions"
        1.6	Definition of "manager"
        1.7	Definition of "standing instruction"

Part 2	FUNCTIONS OF THE MANAGER
        2.1	Manager standard of care
        2.2	Manager to have written policies and procedures
        2.3	Manager to maintain records
        2.4	Manager to provide assistance

Part 3	INDEPENDENT REVIEW COMMITTEE
        3.1	Independent review committee for an investment fund
        3.2	Initial appointments
        3.3	Vacancies and reappointments 
        3.4	Term of office
        3.5	Nominating criteria 
        3.6	Written charter  
        3.7	Composition
        3.8	Compensation 
        3.9	Standard of care 
        3.10	Ceasing to be a member
        3.11	Authority
        3.12	Decisions 
        3.13	Fees and expenses to be paid by the investment fund
        3.14	Indemnification and insurance 
        3.15	Orientation and continuing education
        
Part 4	FUNCTIONS OF INDEPENDENT REVIEW COMMITTEE 
        4.1	Review matters referred by the manager
        4.2	Regular assessments
        4.3	Reporting to the manager
        4.4	Reporting to securityholders
        4.5	Reporting to securities regulatory authorities
        4.6	Independent review committee to maintain records

Part 5	CONFLICT OF INTEREST MATTERS
5.1	Manager to refer conflict of interest matters to independent review 
committee
        5.2	Matters requiring independent review committee approval
        5.3	Matters subject to independent review committee recommendation
        5.4	Standing instructions by the independent review committee

Part 6	EXEMPTED TRANSACTIONS
        6.1	Inter-fund trades
        6.2	Transactions in securities of related issuers
        
Part 7	EXEMPTIONS
        7.1	Exemptions
        7.2	Existing exemptions, waivers or approvals

Part 8	EFFECTIVE DATE
	8.1	Effective date
	8.2 	Transition

Appendix A - Conflicts of interest or self-dealing provisions for the purpose of 
section 1.2 - Definition of a 'conflict of interest matter'

Appendix B - Inter-fund self-dealing conflict of interest provisions for the purpose of 
section 1.5 - Definition of 'inter-fund self-dealing investment prohibitions'

Appendix A to Commentary - Decision tree for the purpose of Commentary 1 to 
section 5.1 - Manager to refer conflict of interest matters to independent review 
committee

Introduction 
This National Instrument (the Instrument) contains both rules and accompanying 
commentary on those rules.  The Canadian Securities Administrators (the CSA or 
we), have made these rules under authority granted by the securities legislation of 
their jurisdiction. 
The commentary may explain the implications of a rule, offer examples or indicate 
different ways to comply with a rule.  It may expand on a particular subject without 
being exhaustive. The commentary is not legally binding, but it does reflect the views 
of the CSA . Commentary always appears in italic type and, outside of this 
introduction, is titled "Commentary". 
PART 1	DEFINITIONS AND APPLICATION

1.1	Investment funds subject to Instrument 

(1)	This Instrument applies to an investment fund that is a reporting 
issuer.
        
(2)	In Qu‚bec, this Instrument does not apply to a reporting issuer 
organized under

(a)	an Act to establish the Fonds de solidarit‚ des travailleurs 
du Qu‚bec (F.T.Q.) R.S.Q., chapter F-3.2.1;

(b)	an Act to establish Fondaction, le Fonds de d‚velopement 
de la Conf‚d‚ration des syndicats nationaux pour la 
coop‚ration et l'emploi (R.S.Q., chapter F-3.1.2); and

(c)	an Act constituting Capital r‚gional et coop‚ratif 
Desjardins (R.S.Q., chapter C-6.1). 
	
Commentary
1.	This Instrument applies to all publicly offered mutual 
funds and non-redeemable investment funds. Investment 
funds subject to this Instrument include:
*	labour sponsored or venture capital funds;
*	scholarship plans;
*	mutual funds and closed-end funds listed and posted 
for trading on a stock exchange or quoted on an 
over-the-counter market; and
*	investment funds not governed by National 
Instrument 81-102 Mutual Funds (NI 81-102).  

2.	This Instrument does not regulate mutual funds that are 
not reporting issuers (commonly referred to as pooled 
funds), for example, mutual funds that sell securities to 
the public only under capital raising exemptions in 
securities legislation. 
1.2	Definition of "conflict of interest matter"
In this Instrument, "a conflict of interest matter" means 
(a)	a situation where a reasonable person would consider a 
manager, or an entity related to the manager, to have an 
interest that may conflict with the manager's ability to act 
in good faith and in the best interests of the investment 
fund; or 
(b)	a conflict of interest or self-dealing provision listed in 
Appendix A that restricts or prohibits an investment fund, 
a manager or an entity related to the manager from 
proceeding with a  proposed action. 
               Commentary
1.	Section 5.1 of this Instrument requires that a manager 
refer all conflict of interest matters to the independent 
review committee (IRC). 
2.	The CSA do not consider the 'reasonable person' test 
described in paragraph (a) to capture inconsequential 
matters. It is expected that, among the factors the 
manager will look to for guidance to identify conflict of 
interest matters caught by this Instrument, will be 
industry best practices. The CSA expect, however, each 
manager to consider the nature of its investment fund 
operations when making its decisions about which 
conflict of interest matters it faces for the funds it 
manages. 
3.	The types of conflicts of interest faced by the portfolio 
manager or portfolio adviser (or sub-adviser) or any 
other entity related to the manager this Instrument 
captures relate to the decisions made on behalf of the 
investment fund that may affect or influence the 
manager's ability to make decisions in good faith and in 
the best interests of the investment fund. This Instrument 
is not intended to capture the conflicts of interest at the 
service provider level generally. 
The CSA expect the manager to consider whether a 
particular portfolio manager or portfolio adviser or any 
other 'entity related to the manager' would have any 
conflicts of interest falling within the definition. 
For example, paragraph (a) might, depending on the 
circumstances, capture these conflicts of the portfolio 
manager or portfolio adviser: 
*	portfolio management processes for the investment 
fund, including allocation of investments among a 
family of investment funds; and 
*	trading practices for the investment fund, including 
negotiating soft dollar arrangements with dealers 
with whom the adviser places portfolio transactions 
for the investment fund. 
4.	The CSA contemplate that an 'entity related to the 
manager' will have its own policies and procedures to 
address any conflicts of interest in its operations. It is 
expected the manager will make reasonable inquiries of 
these policies and procedures.  The conflicts of interest 
facing these entities, including any third party portfolio 
manager or portfolio adviser, may affect, or be perceived 
to affect, the manager's ability to make decisions in the 
best interests of the investment fund. The manager is 
expected to refer such conflicts to the IRC under this 
Instrument. 
5.	For greater certainty, paragraph (b) requires that a 
'conflict of interest matter' includes any course of action 
that the investment fund, the manager or an entity related 
to the manager would otherwise be restricted or 
prohibited from proceeding with because of a conflict of 
interest or self-dealing prohibition in securities 
legislation. These include the types of transactions 
described under subsection 5.2(1) of this Instrument. 
1.3	Definition of "entity related to the manager"
In this Instrument, "entity related to the manager" means
(a)	a person or company that can direct or materially affect 
the direction of the management and policies of the 
manager or the investment fund, other than as a member 
of the independent review committee; or
(b)	an associate, affiliate, partner, director, officer or 
subsidiary of the manager or of a person or company 
referred to in paragraph (a). 
Commentary
1.	The CSA consider an 'entity related to the manager' in 
paragraph (a) to include:
*	the portfolio manager or portfolio adviser (or sub-
adviser) of the investment fund, including any third 
party portfolio manager or portfolio adviser; 
*	the administrator of a scholarship plan; and 
*	any person or company that can materially direct or 
affect the manager's management or policies, 
including through contractual agreements or 
ownership of voting securities.  
1.4	Definition of "independent" 
(1)	In this Instrument, a member of the independent review committee 
is "independent" if the member has no material relationship with 
the manager, the investment fund, or an entity related to the 
manager. 
(2)	For the purposes of subsection (1), a material relationship means a 
relationship which could reasonably be perceived to interfere with 
the member's judgment regarding a conflict of interest matter. 
Commentary
1.	Under subsection 3.7(3), all members of the IRC must be 
independent of the manager, the investment fund and 
entities related to the manager. The CSA believe that all 
members must be independent because the principal 
function of the IRC is to review activities and 
transactions that involve inherent conflicts of interest 
between an investment fund and its manager. Given this 
role, it is important that the members of the IRC are free 
from conflicting loyalties.
2.	While the members of the IRC should not themselves be 
subject to inherent conflicts or divided loyalties, the CSA 
recognize that there may be inherent conflicts relating to 
inter-fund issues where a single IRC acts for a family of 
investment funds. In those cases, this Instrument requires 
members to conduct themselves in accordance with their 
written charter and in accordance with the standard of 
care set out in this Instrument. 
	The CSA do not consider the IRC's ability to set its own 
reasonable compensation to be a material relationship 
with the manager or investment fund under subsection 
1.4(1). 
3.	A material relationship referred to in subsection 1.4(1) 
may include an ownership, commercial, charitable, 
industrial, banking, consulting, legal, accounting or 
familial relationship. The CSA expect managers and IRC 
members to consider both past and current relationships 
when determining whether a material relationship exists. 
For example, depending on the circumstances, the 
following individuals may be independent under section 
1.4:  
*	an independent member of an existing advisory 
board or IRC of  an investment fund;
*	an independent member or former independent 
member of the board of  directors, or of a special 
committee of the board of directors, of an  
investment fund;
*	a former independent member of the board of 
directors, or special committee of the board of 
directors, of the manager; 
*	an individual appointed as a trustee for an 
investment fund; and 
*	an independent member of the board of directors, or 
of a special committee of the board of directors, of a 
registered trust company that acts as trustee for an  
investment fund.
By way of further example, the CSA consider it unlikely 
that the following individuals would be independent 
under section 1.4:
*	a person who is or has recently been an employee or 
executive officer of the manager or investment fund; 
and 
*	a person whose immediate family member is or has 
recently been an executive officer of the manager or 
investment fund. 
The CSA also consider that it would be rare that a 
member of the board of directors, or special committee of 
the board of directors, of a manager could be 
'independent' within the meaning of this Instrument. One 
such example of when a member of the board of directors 
of a manager could be 'independent' may be "owner-
operated" investment funds, sold exclusively to defined 
groups of investors, such as members of a trade or 
professional association or co-operative organization, 
who directly or indirectly, own the manager. In the case 
of these investment funds, the CSA view the interests of 
the independent members of the board of directors of the 
manager and investors as aligned.
1.5	Definition of "inter-fund self-dealing investment prohibitions"
In this Instrument, "inter-fund self-dealing investment prohibitions" means 
the provisions listed in Appendix B that prohibit 
(a)	a portfolio manager from knowingly causing any investment 
portfolio managed by it to purchase or sell, or 
(b)	an investment fund from purchasing or selling, 
the securities of an issuer from or to the account of a responsible person, an 
associate of a responsible person or the portfolio manager. 
1.6	Definition of "manager"
In this Instrument, "manager" means a person or company that directs the 
business, operations and affairs of an investment fund.
Commentary
1.	The CSA are of the view that the term 'manager' should 
be interpreted broadly.
The term "manager" is intended to include a group of 
members on the board of an investment fund or the 
general partner of an investment fund organized as a 
limited partnership, where it acts in the capacity of 
'manager'/decision-maker.  
2.	The CSA have, in connection with prospectus reviews, on 
occasion encountered investment funds structured in 
unusual ways. The CSA may examine an investment fund 
if it seems that it was structured to avoid the operation of 
this Instrument. 
1.7	Definition of "standing instruction"
In this Instrument, "standing instruction" means a written approval or 
recommendation from the independent review committee that permits the 
manager to proceed with a proposed action under section 5.2 or 5.3 on an 
ongoing basis.
PART 2	FUNCTIONS OF THE MANAGER
2.1	Manager standard of care
A manager in exercising its powers and discharging its duties related to the 
management of the investment fund must
(a)	act honestly and in good faith, and in the best interests of 
the investment fund; and 
(b)	exercise the degree of care, diligence and skill that a 
reasonably prudent person would exercise in comparable 
circumstances.
        Commentary
1.	This section introduces a required standard of care for 
managers in certain jurisdictions and is intended to 
create a uniform standard of care provision for managers 
of investment funds subject to this Instrument. 
2.2	Manager to have written policies and procedures 
(1)	Before proceeding with a conflict of interest matter or any other 
matter that securities legislation requires the manager to refer to 
the independent review committee, the manager must 
(a)	establish written policies and procedures that it must 
follow on that matter or on that type of matter, having 
regard to its duties under securities legislation; and 
(b)	refer the policies and procedures to the independent 
review committee for its review and input. 
(2)	In establishing the written policies and procedures described in 
subsection (1), the manager must consider the input of the 
independent review committee, if any. 
(3)	The manager may revise its policies and procedures if it provides 
the independent review committee with a written description of 
any significant changes for the independent review committee's 
review and input before implementing the revisions. 
        Commentary
1.	Section 2.2 contemplates that a manager should identify 
for each investment fund the conflict of interest matters it 
expects will arise and that will be required to be referred 
to the IRC under section 5.1, and review its policies and 
procedures for those matters with the IRC.
	Section 2.2 further requires the manager to establish 
policies and procedures for other matters it expects will 
arise and that will be required by securities legislation to 
be referred to the IRC, for example, certain 
reorganizations and transfers of assets between related 
mutual funds under Part 5 of NI 81-102. 
2.	A manager is expected to establish policies and 
procedures that are consistent with its obligations to the 
investment fund under securities legislation to make 
decisions in the best interests of the fund. Paragraph 
(1)(a) is intended to reinforce this obligation. 
A manager that manages more than one investment fund 
may establish policies and procedures for an action or 
category of actions for all of the investment funds it 
manages. Alternatively, the manager may establish 
separate policies and procedures for the action or 
category of actions for each of its investment funds, or 
groups of its investment funds. 
However structured, the CSA expect the written policies 
and procedures the manager establishes to be designed 
to prevent any violations by the manager and the 
investment fund of securities legislation in the areas that 
this Instrument addresses, and to detect and promptly 
correct any violations that occur. 
3.	A manager is expected to follow the policies and 
procedures established under this section. In referring a 
matter to the IRC under section 5.1, the CSA expect the 
manager to inform the IRC whether its proposed action 
follows its written policies and procedures on the matter.  
If an unanticipated conflict of interest matter arises for 
which the manager does not have a policy and 
procedure, the CSA expect the manager to bring the 
matter and its proposed action to the IRC for its review 
and input at the time the matter is referred to the IRC.	
4.	Small investment fund families may require fewer written 
policies and procedures than large fund complexes that, 
for example, have conflicts of interest as a result of 
affiliations with other financial service firms. 
2.3	Manager to maintain records
A manager must maintain a record of any activity that is subject to the 
review of the independent review committee, including
(a)	a copy of the policies and procedures that address the 
matter;
(b)	minutes of its meetings, if any; and 
(c)	copies of materials, including any written reports, 
provided to the independent review committee.
Commentary
1.	This section is intended to assist the CSA in determining 
whether the manager is adhering to this Instrument, and 
in identifying weaknesses in the manager's policies and 
procedures if violations do occur. The CSA expect 
managers to keep records in accordance with existing 
best practices. 
2.	A manager is expected under this section to keep minutes 
only of any material discussions it has at meetings with 
the IRC or internally on matters subject to the review of 
the IRC. 
The CSA do not view this section or this Instrument as 
preventing the IRC and manager from sharing record 
keeping and maintaining joint records of IRC and 
manager meetings.
3.	The CSA expect a manager to keep records of the actions 
it takes in respect of a matter referred to the IRC.  This 
includes any otherwise restricted or prohibited 
transactions described in subsection 5.2(1) for which the 
manager requires the IRC's approval under Part 6 of this 
Instrument or under Part 4 of NI 81-102.   
2.4	Manager to provide assistance 
 (1)	When a manager refers to the independent review committee a 
conflict of interest matter or any other matter that securities 
legislation requires it to refer, or refers its policies and procedures 
related to such matters, the manager must
(a)	provide the independent review committee with 
information sufficient for the independent review 
committee to properly carry out its responsibilities, 
including 
(i)	a description of the facts and circumstances 
giving rise to the matter;
(ii)	the manager's policies and procedures; 
(iii)	the manager's proposed course of action, if 
applicable; and  
(iv)	all further information the independent review 
committee reasonably requests; 
(b)	make its officers who are knowledgeable about the matter 
available to attend meetings of the independent review 
committee or respond to inquiries of the independent 
review committee about the matter;  and
(c)	provide the independent review committee with any other 
assistance it reasonably requests in its review of the 
matter. 
(2)	A manager must not prevent or attempt to prevent the independent 
review committee, or a member of the independent review 
committee, from communicating with the securities regulatory 
authority or regulator. 
PART 3	INDEPENDENT REVIEW COMMITTEE 
3.1	Independent review committee for an investment fund 
An investment fund must have an independent review committee.  
        Commentary
1.  	A manager is expected to establish an IRC using a 
structure that is appropriate for the investment funds it 
manages, having regard to the expected workload of that 
committee.  For example, a manager may establish one 
IRC for each of the investment funds it manages, for 
several of its investment funds, or for all of its investment 
funds. 
2.	This Instrument does not prevent investment funds from 
sharing an IRC with investment funds managed by 
another manager. This Instrument also does not prevent 
a third party from offering IRCs for investment funds. 
Managers of smaller families of investment funds may 
find these to be cost-effective ways to establish IRCs for 
their investment funds. 
3.2	Initial appointments 
The manager must appoint each member of an investment fund's first 
independent review committee. 
3.3	Vacancies and reappointments
(1)	An independent review committee must fill a vacancy on the 
independent review committee as soon as practicable. 
(2)	A member whose term has expired, or will soon expire, may be 
reappointed by the other members of the independent review 
committee. 
(3)	In filling a vacancy on the independent review committee or 
reappointing a member of the independent review committee, the 
independent review committee must consider the manager's 
recommendations, if any. 
(4)	A member may not be reappointed for a term or terms of office 
that, if served, would result in the member serving on the 
independent review committee for longer than 6 years, unless the 
manager agrees to the reappointment. 
(5)	If, for any reason, an independent review committee has no 
members, the manager must appoint a member to fill each vacancy 
as soon as practicable. 
Commentary
1.	Consistent with the manager's role to appoint the first 
members of an IRC, if at any time the IRC has no 
members, the manager will also appoint the replacement 
members.  The CSA anticipate that the circumstances 
contemplated in subsection (5) will occur rarely, such as 
in the event of a change of manager or change in control 
of the manager.  In these circumstances, managers 
should consider their timely disclosure obligations under 
securities legislation.  
2.	The manager may suggest candidates and may provide 
assistance to the IRC in the selection and recruitment 
process when a vacancy arises. Subsection (3) requires 
the IRC to consider the manager's recommendation, if 
any, when filling a vacancy or reappointing a member of 
the IRC. 
The CSA believe that allowing the IRC to select its own 
members and decide the term a member can serve will 
foster independent-minded committees that will be 
focussed on the best interests of the investment fund. The 
CSA also consider the members of the IRC to be best-
positioned to judge the manner in which a prospective 
member can contribute to the effectiveness of the IRC. 
3.	The maximum term limit of 6 years specified in 
subsection (4) for a member to serve on an investment 
fund's IRC is intended to enhance the independence and 
effectiveness of the IRC. An IRC may reappoint a member 
beyond the maximum term, but only with the agreement 
of the manager. 
3.4	Term of office
The term of office of a member of an independent review committee must 
be not less than 1 year and not more than 3 years, and must be set by the 
manager or the independent review committee, as the case may be, at the 
time the member is appointed.
	Commentary
1.	To ensure continuity and continued independence from 
the manager, the CSA recommend that the terms of all 
IRC members be staggered. 
3.5	Nominating criteria
Before a member of the independent review committee is appointed, the 
manager or the independent review committee, as the case may be, must 
consider
(a)	the competencies and skills the independent review 
committee, as a whole, should possess;
(b)	the competencies and skills of each other member of the 
independent review committee; and 
(c)	the competencies and skills the prospective member 
would bring to the independent review committee. 
        Commentary
1.	Section 3.5 sets out the criteria the manager and the IRC 
must consider before appointing a member of the IRC. 
Subject to these requirements, the manager and the IRC 
may establish nominating criteria in addition to those set 
out in this section. 
3.6	Written charter 
(1)	The independent review committee must adopt a written charter 
that includes its mandate, responsibilities and functions, and the 
policies and procedures it will follow when performing its 
functions. 
(2)	If the independent review committee and the manager agree in 
writing that the independent review committee will perform 
functions other than those prescribed by securities legislation, the 
charter must include a description of the functions that are the 
subject of the agreement. 
(3)	In adopting the charter, the independent review committee must 
consider the manager's recommendations, if any.
		Commentary
1. 	The CSA expect the written charter to set out the 
necessary policies and procedures to ensure the IRC 
performs its role adequately and effectively and in 
compliance with this Instrument. An IRC acting for more 
than one investment fund may choose to establish a 
separate charter for each fund. Alternatively, an IRC may 
choose to establish one charter for all of the investment 
funds it oversees or groups of investment funds.
2.	The IRC should consider the specific matters subject to 
its review when developing the policies and procedures 
to be set out in its charter. 
3.	Without discussing all of the policies and procedures that 
may be set out in the written charter, the CSA expect that 
the written charter will include the following: 
*	policies and procedures the IRC must follow when 
reviewing conflict of interest matters,
*	criteria for the IRC to consider in setting its 
compensation and expenses and the compensation 
and expenses of any advisors employed by the IRC,
*	a policy relating to IRC member ownership of 
securities of the investment fund, manager or in any 
person or company that provides services to the 
investment fund or the manager,  
*	policies and procedures that describe how a member 
of the IRC is to conduct himself or herself when he 
or she faces a conflict of interest, or could be 
perceived to face a conflict of interest, with respect 
to a matter being considered or to be considered by 
the IRC, 
*	policies and procedures that describe how the IRC is 
to interact with any existing advisory board  or 
board of directors of the investment fund and the 
manager, and 
*	policies and procedures that describe how any 
subcommittee of the IRC to which has been 
delegated any of the functions of the IRC, is to 
report to the IRC.
4.	The manager and the IRC may agree that the IRC will 
perform functions in addition to those prescribed by this 
Instrument and elsewhere in securities legislation. This 
Instrument does not preclude those arrangements, nor 
does this Instrument regulate those arrangements.
3.7	Composition 
(1)	An independent review committee must have at least three 
members.  
(2)	The size of the independent review committee is to be determined 
by the manager, with a view to facilitating effective decision-
making, and may only be changed by the manager. 
(3)	Every independent review committee member must be 
independent. 
(4)	An independent review committee must appoint a member as 
Chair.
(5)	The Chair of an independent review committee is responsible for 
managing the mandate, and responsibilities and functions, of the 
independent review committee. 
Commentary
1.	To ensure its effectiveness, a manager should consider 
the workload of the IRC when determining its size. The 
CSA expect that the manager will seek the input of the 
IRC prior to changing the size of the IRC.  
2.	The CSA anticipate that the Chair of the IRC will lead 
IRC meetings, foster communication among IRC 
members, and ensure the IRC carries out its 
responsibilities in a timely and effective manner. 
The CSA expect the IRC Chair will be the primary person 
to interact with the manager on issues relating to the 
investment fund. An IRC Chair and the manager may 
agree to have regular communication as a way for the 
IRC Chair to keep informed of the operations of the 
investment fund between meetings, and of any significant 
events relating to the investment fund. 
3.	The requirement that all members of the IRC be 
independent does not preclude the IRC from consulting 
with others who can help the members understand 
matters that are beyond their specific expertise, or help 
them understand industry practices or trends, for 
example. 
3.8	Compensation 
(1)	The manager may set the initial compensation and expenses of an 
independent review committee that is appointed under section 3.2 
or subsection 3.3(5). 
(2)	Subject to subsection (1), the independent review committee must 
set reasonable compensation and proper expenses for its members. 
(3)	When setting its compensation and expenses under subsection (2), 
the independent review committee must consider 
(a)	the independent review committee's most recent 
assessment of its compensation under  paragraph 
4.2(2)(b); and
	(b)	the manager's recommendations, if any. 
Commentary
1.	This section permits the manager to determine the 
amount and type of compensation and expenses the IRC 
members will initially receive.  To avoid undue influence 
from the manager, subsection (2) requires that, 
subsequent to the initial setting of compensation and 
other than in the unusual circumstance described in 
subsection 3.3(5), members of the IRC have the sole 
authority for determining their compensation. The 
Instrument permits the manager to recommend to the 
members of the IRC the amount and type of 
compensation to be paid, and requires the IRC to 
consider that recommendation. 
2.	The CSA expect the IRC and the manager to decide the 
IRC's compensation in a manner consistent with good 
governance practices.  Among the factors the IRC and 
manager should consider when determining the 
appropriate level of compensation are the following:
*	the number, nature and complexity of the investment 
funds and the fund families for which the IRC acts; 
*	the nature and extent of the workload of each 
member of the IRC, including the commitment of 
time and energy that is expected from each member; 
*	industry best practices, including industry averages 
and surveys on IRC compensation;  and 
*	the best interests of the investment fund.

3.	The CSA expect that the IRC and the manager will 
discuss any instance where the IRC disagrees with the 
manager's recommendations under paragraph (3)(b),  in 
an attempt to reach an agreement that is satisfactory to 
both the IRC and the manager. 
3.9	Standard of care
(1)	Every member of an independent review committee, in exercising 
his or her powers and discharging his or her duties related to the 
investment fund, and, for greater certainty, not to any other person, 
as a member of the independent review committee must,
(a)	act honestly and in good faith, with a view to the best 
interests of the investment fund; and 
(b)	exercise the degree of care, diligence and skill that a 
reasonably prudent person would exercise in comparable 
circumstances.
(2)	Every member of an independent review committee must comply 
with this Instrument and the written charter of the independent 
review committee required under section 3.6. 
(3)	A member of the independent review committee does not breach 
paragraph (1)(b), if the member exercised the care, diligence and 
skill that a reasonably prudent person would exercise in 
comparable circumstances, including reliance in good faith on
(a)	a report or certification represented as full and true to the 
independent review committee by the manager or an 
entity related to the manager; or
(b)	a report of a person whose profession lends credibility to 
a statement made by the person.
(4)	A member of the independent review committee has complied with 
his or her duties under paragraph (1)(a) if the member has relied in 
good faith on
(a)	a report or certification represented as full and true to the 
independent review committee by the manager or an 
entity related to the manager; or
(b)	a report of a person whose profession lends credibility to 
a statement made by the person.
		Commentary
1.	The standard of care for IRC members under this section 
is consistent with the special relationship between the 
IRC and the investment fund. 
The CSA consider the role of the members of the IRC to 
be similar to corporate directors, though with a much 
more limited mandate, and therefore we would expect 
any defences available to corporate directors to also be 
available to IRC members.
2.	The CSA consider the best interests of the investment 
fund referred to in paragraph (1)(a) to generally be 
consistent with the interests of the securityholders in the 
investment fund as a whole. 
3.	It is not the intention of the CSA to create a duty of care 
on the part of the IRC to any other person under 
paragraph (1)(b).
3.10 	Ceasing to be a member 
(1)	An individual ceases to be a member of an independent review 
committee when
	(a)	the investment fund terminates; 
(b)	the manager of the investment fund changes, unless the 
new manager is an affiliate of the former manager; or 
(c)	there is a change of control of the manager of the 
investment fund.  
(2)	An individual ceases to be a member of an independent review 
committee if 
(a)	the individual resigns;
(b)	the individual's term of office expires and the member is 
not reappointed;
(c)	a majority of the other members of the independent 
review committee vote to remove the individual; or
(d)	a majority of the securityholders of the investment fund 
vote to remove the individual at a special meeting called 
for that purpose by the manager.
(3)	An individual ceases to be a member of the independent review 
committee if the individual is
(a)	no longer independent within the meaning of section 1.4 
and the cause of the member's non-independence is not 
temporary for which the member can recuse himself or 
herself;
(b)	of unsound mind and has been so found by a court in 
Canada or elsewhere;  
(c)	bankrupt; 
(d)	prohibited from acting as a director or officer of any 
issuer in Canada; 
(e)	subject to any penalties or sanctions made by a court 
relating to provincial and territorial securities legislation; 
or 
(f)	a party to a settlement agreement with a provincial or 
territorial securities regulatory authority. 
(4)	If an individual ceases to be a member of the independent review 
committee due to a  circumstance described in subsection (2), the 
manager must, as soon as practicable, notify the securities 
regulatory authority or regulator of the date and the reason the 
individual ceased to be a member. 
(5)	The notification referred to in subsection (4) is satisfied if it is 
made to the investment fund's principal regulator.
(6)	The notice of a meeting of securityholders of an investment fund 
called to consider the removal of a member under paragraph (2)(d) 
must comply with the notice requirements set out in section 5.4 of 
National Instrument 81-102 Mutual Funds.
(7)	For any member of the independent review committee who 
receives notice or otherwise learns of a meeting of securityholders 
called to consider the removal of the member under paragraph 
(2)(d), 
(a)	the member may submit to the manager a written 
statement giving reasons for opposing the removal; and
(b)	the manager must, as soon as practicable, send a copy of 
the statement referred to in paragraph (a) to every 
securityholder entitled to receive notice of the meeting 
and to the member unless the statement is included in or 
attached to the notice documents required by subsection 
(6).
		Commentary
1.	The CSA do not anticipate that the securityholder vote 
contemplated in paragraph 3.10(2)(d) will be routine. 
When a manager calls a meeting of securityholders to 
consider the removal of a member, subsection (7) 
requires that the member will have an opportunity to 
respond to the manager's notice.
2.	 In the circumstances described in paragraphs 3.10(1)(b) 
and (c), all members of the IRC will cease to be members. 
This does not preclude the new manager from 
reappointing the former members of the IRC under 
subsection 3.3(5). 
3.	Paragraph 3. 10(3)(a) is meant to exclude a situation 
where a member may face, or be perceived to face, a 
conflict of interest with respect to a specific conflict of 
interest matter the IRC is considering. 
3.11	Authority
(1)	An independent review committee has authority to
(a)	request information it determines useful or necessary 
from the manager and its officers to carry out its duties;
(b)	engage independent counsel and other advisors it 
determines useful or necessary to carry out its duties;
(c)	set reasonable compensation and proper expenses for any 
independent counsel and other advisors engaged  by the 
independent review committee; and 
(d)	delegate to a subcommittee of at least three members of 
the independent review committee any of its functions, 
except the removal of a member under paragraph 
3.10(2)(c). 
(2)	If the independent review committee delegates to a subcommittee 
under paragraph (1)(d) any of its functions, the subcommittee must 
report on its activities to the independent review committee at least 
annually. 
(3)	Despite any other provision in this Instrument, an independent 
review committee may communicate directly with the securities 
regulatory authority or regulator with respect to any matter.
Commentary
1.	The CSA recognize that utilizing the manager's staff and 
industry experts may be important to help the members of 
the IRC deal with matters that are beyond the level of 
their expertise, or help them understand different 
practices among investment funds. 
While this Instrument does not require legal counsel or 
other advisers for the IRC to be independent of the 
manager or the investment fund, there may be instances 
when the members of the IRC believe they need access to 
counsel or advisers who are free from conflicting 
loyalties. Paragraph (1)(b) gives the IRC the discretion 
and authority to hire independent legal counsel and other 
advisers. The CSA expect that the IRC will use 
independent advisors selectively and only to assist, not 
replace, IRC decision-making. The CSA do not anticipate 
that IRCs will routinely use external counsel and other 
advisers. 
2.	Paragraph (1)(d) is intended to allow an IRC of more 
than three members to delegate any of its functions, 
except the removal of an IRC member, to a subcommittee 
of at least three members. The CSA expect in such 
instances that the written charter of the IRC will include 
a defined mandate and reporting requirements for any 
subcommittee. 
The CSA do not consider delegation by the IRC of a 
function to a subcommittee to absolve the IRC from its 
responsibility for the function. 
3.	Subsection (3) specifies that the IRC may inform the 
securities regulatory authority or regulator of any 
concerns or issues that it may not otherwise be required 
to report. For example, the IRC may be concerned if very 
few matters have been referred by the manager for 
review, or it may have found, or have reasonable 
grounds to suspect, a breach of securities legislation has 
occurred. However, the IRC has no obligation to report 
matters other than those prescribed by this Instrument or 
elsewhere in securities legislation. 
4.	The CSA do not consider that this section or this 
Instrument prevents the manager from communicating 
with the securities regulatory authorities with respect to 
any matter. 
3.12	Decisions
(1)	A decision by the independent review committee on a conflict of 
interest matter or any other matter that securities legislation 
requires the independent review committee to review requires the 
agreement of a majority of the independent review committee's 
members.   
(2)	If, for any reason, an independent review committee has two 
members, a decision by the independent review committee must be 
unanimous. 
(3)	An independent review committee with one member may not make 
a decision. 
        Commentary
1.	This section requires a decision of the members of the 
IRC to represent the majority. Should the IRC find itself 
with two members, subsection (2) permits the IRC to 
continue to make decisions on conflict of interest matters 
provided the remaining two members agree.
3.13	Fees and expenses to be paid by the investment fund
The investment fund must pay from the assets of its fund all reasonable 
costs and expenses reasonably incurred in the compliance of this Instrument.   
		Commentary
1. 	A manager is expected to allocate the costs associated 
with the IRC on an equitable and reasonable basis 
amongst the investment funds for which the IRC acts. 
This Instrument does not prohibit a manager from 
reimbursing the investment fund for any of the costs 
associated with compliance with this Instrument. It is 
expected that the prospectus will disclose whether or not 
the manager will reimburse the investment fund.
2.	The CSA do not expect costs that the manager or 
investment fund would ordinarily incur in the operation 
of the investment fund without the presence of the IRC 
(for example, rent) to be charged to the investment fund 
under this section. Among the costs the CSA expect will 
be charged to the investment fund under this section are 
the following: 
*	the compensation and expenses payable to the 
members of the IRC and to any independent counsel 
and other advisers employed by the IRC; 
*	the costs of the orientation and continuing education 
of the members of the IRC; and
*	the costs and expenses associated with a special 
meeting of securityholders called by the manager to 
remove a member or members of the IRC. 
3.14	Indemnification and insurance 
(1)	In this section, "member" means: 
(a)	a member of the independent review committee;
(b)	a former member of the independent review committee; 
and 
(c)	the heirs, executors, administrators or other legal 
representatives of the estate of an individual in (a) or  (b). 
(2)	An investment fund and manager may indemnify a member against 
all costs, charges and expenses, including an amount paid to settle 
an action or satisfy a judgment, reasonably incurred by the person 
in respect of any civil, criminal, administrative, investigative or 
other proceeding in which the member is involved because of 
being or having been a member. 
(3)	An investment fund and manager may advance moneys to a 
member for the costs, charges and expenses of a proceeding 
referred to in subsection (2). The member must repay the moneys 
if the member does not fulfill the conditions of subsection (4).
(4)	An investment fund and manager may not indemnify a member 
under subsection (2) unless 
(a)	the member acted honestly and in good faith, with a view 
to the best interests of the investment fund; and
(b)	in the case of a criminal or administrative action or 
proceeding that is enforced by a monetary penalty, the 
member had reasonable grounds for believing that the 
individual's conduct was lawful. 
(5)	Despite subsection (2), a member referred to in that subsection is 
entitled to an indemnity from the investment fund in respect of all 
costs, charges and expenses reasonably incurred by the member in 
connection with the defence of any civil, criminal, administrative, 
investigative or other proceeding to which the member is subject 
because of the member's association with the investment fund as 
described in subsection (2), if the member seeking indemnity
(a)	was not judged by the court or other competent authority 
to have committed  any fault or omitted to do anything 
that ought to have been done; and
(b)	fulfills the conditions set out in subsection (4). 
(6)	An investment fund and manager may purchase and maintain 
insurance for the benefit of any member referred to in subsection 
(2) against any liability incurred by the member in his or her 
capacity as a member.
		Commentary
1.	This Instrument requires that members of an IRC be 
accountable for their actions. At the same time, this 
section does not prevent an investment fund or a 
manager from limiting a member's financial exposure 
through insurance and indemnification. 
2.	This section permits an investment fund and the manager 
to indemnify and purchase insurance coverage for the 
members of the IRC on terms comparable to those 
applicable to directors of corporations. The broad goals 
underlying the indemnity provisions are to allow for 
reimbursement for reasonable good faith behaviour, 
thereby discouraging the hindsight application of 
perfection to the IRC's actions. 
Under this section, the investment fund is required to 
indemnify an IRC member who has been sued and has 
successfully defended the action, subject to certain 
conditions. If the IRC member does not defend the action 
successfully, the investment fund and manager may 
indemnify the member in certain circumstances. The 
intention of indemnity is to encourage responsible 
behaviour yet still permit enough leeway to attract strong 
candidates.
The two conditions which must be satisfied in either 
instance under this section for an IRC member to be 
indemnified are: 
*	the IRC member must have acted in a manner 
consistent with his or her fiduciary duty with respect 
to the action or matter for which the IRC member is 
seeking the indemnification; and 
*	the IRC member must have had reasonable grounds 
for believing that his or her conduct was lawful. 
The CSA expect any such coverage to be on reasonable 
commercial terms.  
3.	It is open to members of the IRC to negotiate contractual 
indemnities with the manager and the investment fund 
provided the protection is permissible under this section.  
3.15	Orientation and continuing education
(1)	The manager and independent review committee must provide 
orientation consisting of educational or informational programs 
that enable a new independent review committee member to 
understand
(a)	the role of the independent review committee and its 
members collectively; and 
(b)	the role of the individual member.
(2)	The manager may provide a member of the independent review 
committee with educational or informational programs, as the 
manager considers useful or necessary, that enable the member to 
understand the nature and operation of the manager's and 
investment fund's businesses. 
(3)	The independent review committee may reasonably supplement 
the educational and informational programs provided to its 
members under this section.
		Commentary 
1.	The CSA expect members of the IRC to regularly 
participate in educational or informational programs 
that may be useful to the members in understanding and 
fulfilling their duties. 
Section 3.15 sets out only the minimum educational 
programs that a manager and IRC are expected to 
provide for members of the IRC. Educational activities 
could include presentations, seminars or discussion 
groups conducted by:
*	personnel of the investment fund or manager, 
*	outside experts, 
*	industry groups, 
*	representatives of the investment fund's various 
service providers, and 
*	educational organizations and institutions. 
2.	The CSA expect a discussion of a member's role referred 
to in paragraph (1)(b) to include a reference to the 
commitment of time and energy that is expected from the 
member. 
PART 4	FUNCTIONS OF INDEPENDENT REVIEW COMMITTEE 
4.1	Review of matters referred by manager 
(1)	The independent review committee must review and provide its 
decision under section 5.2 or under section 5.3 to the manager on a 
conflict of interest matter that the manager refers to the 
independent review committee for review. 
(2)	The independent review committee must perform any other 
function required by securities legislation. 
(3)	The independent review committee has the authority to choose 
whether to deliberate and decide on a matter referred to in 
subsection (1) and (2) in the absence of the manager, any 
representative of the manager and any entity related to the 
manager.
(4)	Despite subsection (3), an independent review committee must 
hold at least one meeting annually at which the manager, any 
representative of the manager or any entity related to the manager 
are not in attendance.
(5)	The independent review committee has no power, authority or 
responsibility for the operation of the investment fund or the 
manager except as provided in this section. 
        Commentary
1.	The Instrument requires the IRC only to consider matters 
referred to it by the manager that involve or may be 
perceived to involve a conflict of interest for the manager 
between its own interests and its duty to manage an 
investment fund. 
	Securities legislation also requires the IRC to consider 
other matters. For example, a change in a mutual fund's 
auditor and certain reorganizations and transfers of 
assets between related mutual funds under Part 5 of NI 
81-102 require the review and prior approval of the IRC 
for the manager to proceed. 
2.	The manager and the IRC may agree that the IRC will 
perform functions in addition to those prescribed by this 
Instrument and elsewhere in securities legislation. This 
Instrument does not preclude those arrangements, nor 
does this Instrument regulate those arrangements. 
3.	Subsection (3) permits the IRC to decide who, other than 
IRC members, may attend any IRC meeting other than 
the meeting referred to in subsection (4). Subsection (3) 
also does not preclude the IRC from receiving oral or 
written submissions from the manager or from holding 
meetings with representatives of the manager or an entity 
related to the manager or any other person not 
independent under this Instrument. The CSA believe 
utilizing the manager's staff and industry experts may be 
important to help the members of the IRC understand 
matters that are beyond their specific expertise, or help 
them understand different practices among investment 
funds. 
4.	The requirement that the IRC hold at least one meeting 
without anyone else present (including management of 
the investment fund) is intended to give the members of 
the IRC an opportunity to speak freely about any 
sensitive issues, including any concerns about the 
manager. 
The CSA are of the view that subsection (4) is satisfied if 
the IRC holds a portion of any meeting annually without 
the presence of the manager, any representative of the 
manager or any entity related to the manager. 
4.2	Regular assessments 
(1)	At least annually, the independent review committee must review 
and assess the adequacy and effectiveness of 
(a)	the manager's written policies and procedures required 
under section 2.2; 
(b) 	any standing instruction it has provided to the manager 
under section 5.4; 
(c)	the manager's and the investment fund's compliance with 
any conditions imposed by the independent review 
committee in a recommendation or approval it has 
provided to the manager; and
(d)	any subcommittee to which the independent review 
committee has delegated, under paragraph 3.11(1)(d), any 
of its functions. 
(2)	At least annually, the independent review committee must review 
and assess 
(a)	the independence of its members; and 
(b)	the compensation of its members.
(3)	At least annually, the independent review committee must review 
and assess its effectiveness as a committee, as well as the 
effectiveness and contribution of each of its members.
(4)	The review by the independent review committee required under 
subsection (3) must include a consideration of 
(a)	the independent review committee's written charter 
referred to in section 3.6; 
(b)	the competencies and knowledge each member is 
expected to bring to the independent review committee; 
(c)	the level of complexity of the issues reasonably expected 
to be raised by members in connection with the matters 
under review by the independent review committee; and 
(d)	the ability of each member to contribute the necessary 
time required to serve effectively on the independent 
review committee.  
		Commentary 
1.	Section 4.2 sets out the minimum assessments the 
independent review committee must perform. Subject to 
these requirements, the IRC may establish a process for 
(and determine the frequency of) additional assessments 
as it sees fit. 
2.	The annual self-assessment by the IRC should improve 
performance by strengthening each member's 
understanding of his or her role and fostering better 
communication and greater cohesiveness among 
members. 
3.	When evaluating individual performance, it is expected 
that the IRC consider factors such as the member's 
attendance and participation in meetings, continuing 
education activities and industry knowledge.  The 
manager may also provide IRC members with feedback 
which the IRC may consider.  
It is expected the self-assessment should focus on both 
substantive and procedural aspects of the IRC's 
operations. When evaluating the IRC's structure and 
effectiveness, the IRC should consider factors such as the 
following:
*	the frequency of meetings; 
*	the substance of meeting agendas; 
*	the policies and procedures that the manager has 
established to refer matters to the IRC;
*	the usefulness of the materials provided to the 
members of the IRC;
*	the collective experience and background of the 
members of the IRC; 
*	the number of funds the IRC oversees; and 
*	the amount and form of compensation the members 
receive from an individual  investment fund and in 
aggregate from the fund family. 
4.	The CSA expect the members of an IRC to respond 
appropriately to address any weaknesses found in a self-
assessment. For example, it may be necessary to improve 
the IRC members' continuing education, recommend 
ways to improve the quality and sufficiency of the 
information provided to them, or recommend to the 
manager decreasing the number of investment funds 
under the IRC's oversight. 
In rare circumstances, the IRC may consider removing a 
member of the IRC as contemplated under paragraph 
3.10(2)(c) as a result of the self-assessment.   
4.3	Reporting to the manager
The independent review committee must as soon as practicable deliver to 
the manager a written report of the results of an assessment under subsection 
4.2(1) and (2) that includes 
(a)	a description of each instance of a breach of any of the 
manager's policies or procedures of which the 
independent review committee is aware, or that it has 
reason to believe has occurred; 
(b)	a description of each instance of a breach of a condition 
imposed by the independent review committee in a 
recommendation or approval it has provided to the 
manager, of which the independent review committee is 
aware, or that it has reason to believe has occurred; and
(c)	recommendations for any changes the independent 
review committee considers should be made to the 
manager's policies and procedures.  
4.4	Reporting to securityholders
(1)	An independent review committee must prepare, for each financial 
year of the investment fund and no later than the date the 
investment fund files its annual financial statements, a report to 
securityholders of the investment fund that describes the 
independent review committee and its activities for the financial 
year and includes 
(a)	the name of each member of the independent review 
committee at the date of the report, with 
(i)	the member's length of service on the 
independent review committee;  
(ii)	the name of any other fund family on whose 
independent review committee the member 
serves; and
(iii)	if applicable, a description of any relationship 
that may cause a reasonable person to question 
the member's independence and the basis upon 
which the independent review committee 
determined that the member is independent;   
(b)	the percentage of securities of each class or series of 
voting or equity securities beneficially owned, directly or 
indirectly, in aggregate, by all the members of the 
independent review committee of the investment fund 
(i)	in the investment fund if the aggregate level of 
ownership exceeds 10 percent;
(ii) 	in the manager; or 
(iii)	in any person or company that provides services 
to the investment fund or the manager;
(c)	the identity of the Chair of the independent review 
committee;  
(d)	any changes in the composition or membership of the 
independent review committee during the period; 
(e)	the aggregate compensation paid to the independent 
review committee and any indemnities paid to members 
of the independent review committee by the investment 
fund during the period;
(f)	a description of the process and criteria used by the 
independent review committee to determine the 
appropriate level of compensation of its members and 
any instance when, in setting the compensation and 
expenses of its members, the independent review 
committee did not follow the recommendation of the 
manager, including 
(i)	a summary of the manager's recommendation; 
and
(ii)	the independent review committee's reasons for 
not following the recommendation; 
(g)	if known, a description of each instance when the 
manager acted in a conflict of interest matter referred to 
the independent review committee for which the 
independent review committee did not give a positive 
recommendation, including
(i)	a summary of the recommendation; and 
(ii)	if known, the manager's reasons for proceeding 
without following the recommendation of the 
independent review committee and the result of 
proceeding;  
(h)	if known, a description of each instance when the 
manager acted in a conflict of interest matter but did not 
meet a condition imposed by the independent review 
committee in its recommendation or approval, including
(i)	the nature of the condition; 
(ii)	if known, the manager's reasons for not meeting 
the condition; and 
(iii)	whether the independent review committee is of 
the view that the manager has taken, or 
proposes to take, appropriate action to deal with 
the matter; and
(i) 	a brief summary of any recommendations and approvals 
the manager relied upon during the period.
(2)	The report required under subsection (1) must as soon as 
practicable 
(a)	be sent by the investment fund, without charge, to a 
securityholder of the investment fund, upon the 
securityholder's request; 
(b)	be made available and prominently displayed by the 
manager on the investment fund's, investment fund 
family's or manager's website, if it has a website;
(c)	be filed by the investment fund with the securities 
regulatory authority or regulator; and 
(d)	be delivered by the independent review committee to the 
manager.
		Commentary 
1.	The report to be filed with the securities regulatory 
authorities should be filed on the SEDAR group profile 
number of the investment fund as a continuous disclosure 
document. The CSA expect that the investment fund will 
pay any reasonable costs associated with the filing of the 
report.
2.	It is expected the report will be displayed in an easily 
visible location on the home page of the website of the 
investment fund, the investment fund family or the 
manager, as applicable.  The CSA expect the report to 
remain on the website at least until the posting of the next 
report.
3.	The disclosure required in subparagraph (1)(a)(iii) is 
expected to be provided only in instances where a 
member could reasonably be perceived to not be 
'independent' under this Instrument. 
4.5	Reporting to securities regulatory authorities
(1)	If the independent review committee is aware of an instance where 
the manager acted in a conflict of interest matter under subsection 
5.2(1) but did not comply with a condition or conditions imposed 
by securities legislation or the independent review committee in its 
approval, the independent review committee must, as soon as 
practicable, notify in writing the securities regulatory authority or 
regulator. 
(2)	The notification referred to in subsection (1) is satisfied if it is 
made to the investment fund's principal regulator.
        Commentary 
1. 	Subsection (1) captures a breach of a condition imposed 
for an otherwise prohibited or restricted transaction 
described in subsection 5.2(1), for which the manager 
has acted under Part 6 of this Instrument or under Part 4 
of NI 81-102. This includes a breach of a condition 
imposed by the IRC as part of its approval (including a 
standing instruction), or, for example, any conditions 
imposed for inter-fund trading under section 6.1 of this 
Instrument or section 4.3 of NI 81-102, for transactions 
in securities of related issuers under section 6.2 of this 
Instrument, and for purchases of securities underwritten 
by related underwriters under section 4.1 of NI 81-102.
The CSA consider that a breach of a condition imposed 
by securities legislation (including this Instrument) or by 
the IRC in a transaction described in subsection 5.2(1) 
will result in the transaction having been made in 
contravention of securities legislation. In such instances, 
the securities regulatory authorities may consider taking 
various action, including requiring the manager to 
unwind the transaction and pay any costs associated with 
doing so. 
2.	The CSA expect that the IRC will include in its 
notification the steps the manager proposes to take, or 
has taken, to remedy the breach, if known. 
3. 	Notification under this section is not intended to be a 
mechanism to resolve disputes between an IRC and a 
manager, or to raise inconsequential matters with the 
securities regulatory authorities. 
4.	The CSA do not view this section or this Instrument as 
preventing the manager from communicating with the 
securities regulatory authorities with respect to any 
matter. 
4.6	Independent review committee to maintain records 
An independent review committee must maintain records, including
(a)	a copy of its current written charter; 
(b)	minutes of its meetings;  
(c)	copies of any materials and written reports provided to it;  
(d)	copies of materials and written reports prepared by it; and 
(e)	the decisions it makes. 
	Commentary
1.	Section 4.6 sets out the minimum requirements regarding 
the record keeping by an IRC.  The CSA expect IRCs to 
keep records in accordance with existing best practices. 
2.	The IRC is expected under paragraph (b) to keep minutes 
only of any material discussions it has at meetings with 
the manager or internally on matters subject to its 
review. 
The CSA do not view this section or this Instrument as 
preventing the IRC and manager from sharing record 
keeping and maintaining joint records of IRC and 
manager meetings. 
3.	The CSA expect the IRC to keep records of any actions it 
takes in respect of a matter referred to it, in particular 
any transaction otherwise prohibited or restricted by 
securities legislation, as described in subsection 5.2(1), 
for which the manager has sought the approval of the 
IRC.   
PART 5	CONFLICT OF INTEREST MATTERS 
5.1	Manager to refer conflict of interest matters to independent 
review committee 
(1)	Subject to section 5.4, when a conflict of interest matter arises, and 
before taking any action in the matter, the manager must
(a)	determine what action it proposes to take in respect of the 
matter, having regard to
(i)	its duties under securities legislation; and 
(ii)	its written policies and procedures on the 
matter; and
(b)	refer the matter, along with its proposed action, to the 
independent review committee for its review and 
decision.
(2)	If a manager must hold a meeting of securityholders to obtain 
securityholder approval before taking an action in a conflict of 
interest matter, the manager must include a summary of the 
independent review committee's decision under subsection (1) in 
the notice of the meeting. 
        Commentary 
1.	Section 5.1 recognizes that a manager may not be able to 
objectively determine whether it is acting in the best 
interests of the investment fund when it has a conflict of 
interest. This section requires managers to refer all 
conflict of interest matters - not just those subject to 
prohibitions or restrictions  under securities legislation - 
to the IRC so that an independent perspective can be 
brought to bear on the manager's proposed action. 
A decision tree for different types of conflict of interest 
matters is set out in Appendix A to the Commentary. 
While the CSA expect the IRC to bring a high degree of 
rigour and skeptical objectivity to its review of conflict of 
interest matters, the CSA do not consider it the role of the 
IRC to second-guess the investment or business decisions 
of a manager or an entity related to the manager.
2.	Section 5.1 sets out how the manager must proceed when 
faced with a conflict of interest matter.
Referring proposed actions involving conflict of interest 
matters to the IRC for its review is not considered by the 
CSA to detract from the manager's obligations to the 
investment fund under securities legislation to make 
decisions in the best interests of the fund. Subparagraph 
(a)(i) is intended to reinforce this obligation. 
3.	In referring a matter to the IRC, a manager is expected to 
inform the IRC whether its proposed action follows its 
written policies and procedures on the matter under 
section 2.2. 
	If an unanticipated conflict of interest matter arises for 
which the manager does not have an existing written 
policy and procedure, the CSA expect the manager to 
bring the matter and its proposed action to the IRC for its 
review and input at the time the matter is referred to the 
IRC. 
4.	There may be matters that are subject to a securityholder 
vote that also involve a "conflict of interest matter" 
under this Instrument. For example, increases in the 
charges of the manager to the mutual fund will be a 
conflict of interest matter as well as a matter subject to a 
securityholder vote under Part 5 of National Instrument 
81-102 Mutual Funds. For these matters, subsection (2) 
requires a manager to refer the matter first to the IRC 
before seeking the approval of securityholders, and to 
include a summary of the IRC's decision in the written 
notice to securityholders. 
5.2	Matters requiring independent review committee approval 
(1)	A manager may not proceed with a proposed action under section 
5.1 without the approval of the independent review committee if 
the action is 
(a)	an inter-fund trade as described in subsection 6.1(2) of this 
Instrument or a transaction as described in subsection 
4.2(1) of National Instrument 81-102 Mutual Funds;
(b) 	a transaction in securities of an issuer as described in 
subsection 6.2(1) of  this Instrument; or
(c)	an investment in a class of securities of an issuer 
underwritten by an entity related to the manager as 
described in subsection 4.1(1) of National Instrument 81-
102 Mutual Funds. 
(2)	An independent review committee must not approve an action 
unless it has determined, after reasonable inquiry, that the action 
(a)	is proposed by the manager free from any influence by an 
entity related to the manager and without taking into 
account any consideration relevant to an entity related to 
the manager;
(b)	represents the business judgment of the manager 
uninfluenced by considerations other than the best 
interests of the investment fund; 
(c)	is in compliance with the manager's written policies and 
procedures relating to the action; and
(d)	achieves a fair and reasonable result for the investment 
fund.
        Commentary
1.	For the transactions described in subsection (1), 
provided the manager receives the IRC's approval under 
this section, and satisfies the additional conditions 
imposed under the applicable sections of Part 6 of this 
Instrument or Part 4 of NI 81-102, the manager will be 
permitted to proceed with the action without obtaining 
regulatory exemptive relief. 
The IRC may give its approval for certain actions or 
categories of actions in the form of a standing instruction 
as described in section 5.4. If no standing instruction is 
in effect, the manager is required to seek the IRC's 
approval prior to proceeding with any action set out in 
subsection (1).  An IRC may consider as guidance any 
conditions in prior exemptive relief orders, waivers or 
approvals obtained from the securities regulatory 
authorities when contemplating the appropriate terms 
and conditions in its approval. 
2.	If the IRC does not approve a proposed action described 
in subsection (1), the manager is not permitted to 
proceed without obtaining exemptive relief from the 
securities regulatory authorities. The CSA consider it in 
the best interests of the investment fund, and ultimately 
investors, for the IRC to be able to stop any proposed 
action which does not meet the test in subsection (2). 
3.	The CSA would usually expect that, before the IRC 
approves a proposed action described in subsection (1), 
it will have requested from the manager or others a 
report or certification to assist in its determination that 
the test in subsection (2) has been met. 
4.	The CSA expect that the manager will discuss with the 
IRC any instance where the IRC does not approve a 
proposed action, so that an alternative action satisfactory 
to both the manager and the IRC can be found, if 
possible.
5.	The CSA consider that the ability of the manager to seek 
the removal of a member or members of the IRC under 
paragraph 3.10(2)(d) sufficiently addresses any concern 
that a manager may have about an IRC's ongoing refusal 
to approve matters.  
5.3	Matters subject to independent review committee 
recommendation 
(1)	Before a manager may proceed with a proposed action under 
section 5.1 other than those set out in subsection 5.2(1), 
(a)	the independent review committee must provide a 
recommendation to the manager as to whether, in the 
committee's opinion after reasonable inquiry, the 
proposed action achieves a fair and reasonable result for 
the investment fund; and
(b)	the manager must consider the recommendation of the 
independent review committee. 
(2)	If the manager decides to proceed with an action in a conflict of 
interest matter that, in the opinion of the independent review 
committee after reasonable inquiry, does not achieve a fair and 
reasonable result for the investment fund under paragraph (1)(a), 
the manager must notify in writing the independent review 
committee before proceeding with the proposed action.  
(3)	Upon receiving the notification described in subsection (2), the 
independent review committee may require the manager to notify 
securityholders of the investment fund of the manager's decision. 
(4)	A notification to securityholders under subsection (3) must 
(a)	sufficiently describe the proposed action of the manager, 
the recommendation of the independent review 
committee and the manager's reasons for proceeding; 
(b)	state the date of the proposed implementation of the 
action; and
(c)	be sent by the manager to each securityholder of the 
investment fund at least thirty days before the effective 
date of the proposed action.
(5)	The investment fund must, as soon as practicable, file the 
notification referred to in subsection (4) with the securities 
regulatory authority or regulator upon the notice being sent to 
securityholders.
        Commentary  
1.	This section captures all conflict of interest matters a 
manager encounters other than those listed in subsection 
5.2(1). This includes conflict of interest matters 
prohibited or restricted by securities legislation not 
specified in subsection 5.2(1), and a manager's business 
and commercial decisions made on behalf of the 
investment fund that may be motivated, or be perceived to 
be motivated, by the manager's own interests rather than 
the best interests of the investment fund. Examples 
include: 
*	increasing  charges to the investment fund for costs 
incurred by the manager in operating the fund; 
*	correcting material errors made by the manager in 
administering the investment fund;
*	negotiating soft dollar arrangements with dealers 
with whom the manager places portfolio 
transactions for the investment fund; and
*	choosing to bring services in-house over using third-
party service providers. 
The CSA expect that, in seeking guidance in identifying 
conflict of interest matters caught by this Instrument, 
among the factors the manager will look to for guidance 
to identify conflict of interest matters will be industry best 
practices. However, the CSA also acknowledge that each 
manager will need to consider the nature of its 
investment fund operations in determining a conflict of 
interest matter. 
2.	The CSA expect the IRC's recommendation to state a 
positive or negative response as to whether they view the 
proposed action as achieving a fair and reasonable result 
for the investment fund.  
3.	For a proposed action in a conflict of interest matter 
under this section that is prohibited or restricted by 
securities legislation (but not specified in subsection 
5.2(1)), a manager will still need to seek exemptive relief 
from the securities regulatory authorities. 
4.	Subsection (2) recognizes that, in exceptional 
circumstances, the manager may decide to proceed with 
a proposed course of action despite a negative 
recommendation from the IRC. In such instances, 
subsection (2) requires the manager to notify the IRC 
before proceeding with the action. If the IRC determines 
that the proposed action is sufficiently important to 
warrant notice to securityholders in the investment fund, 
the IRC has the authority to require the manager to give 
such notification before proceeding with the action. 
	The CSA anticipate that the situation of a manager 
proceeding with a conflict of interest matter, despite a 
negative recommendation by the IRC, will occur 
infrequently. 
5.	The notification referred to in subsection (5) should be 
filed on the SEDAR group profile number of the 
investment fund as a continuous disclosure document. 
5.4	Standing instructions by the independent review committee
(1)	Despite section 5.1, the manager is not required to refer a conflict 
of interest matter nor its proposed action to the independent review 
committee if the manager complies with the terms of a standing 
instruction that is in effect. 
(2)	For any action for which the independent review committee has 
provided a standing instruction, at the time of the independent 
review committee's regular assessment described in subsection 
4.2(1),
(a)	the manager must provide a written report to the 
independent review committee describing each instance 
that it acted in reliance on a standing instruction; and 
(b)	the independent review committee must
(i)	review and assess the adequacy and 
effectiveness of the manager's written policies 
and procedures on the matter or on that type of 
matter with respect to all actions permitted by 
each standing instruction;
(ii)	review and assess the manager's and investment 
fund's compliance with any conditions imposed 
by it in each standing instruction; 
(iii)	reaffirm or amend each standing instruction; 
(iv)	establish new standing instructions, if 
necessary; and 
(v)	advise the manager in writing of all changes to 
the standing instructions. 
(3)	A manager may continue to rely on a standing instruction under 
subsection (1) until such time as the independent review committee 
notifies the manager that the standing instruction has been 
amended or is no longer in effect. 
		Commentary
1.	Section 5.4 recognizes that there are certain actions or 
categories of actions of the manager for which it may be 
appropriate for the IRC to choose to provide a standing 
instruction. For example, this may include a manager's 
ongoing voting of proxies on securities held by the 
investment fund when the manager has a business 
relationship with the issuer of the securities, or, a 
manager's decision to engage in inter-fund trading.   
2.	The CSA expect that, before providing or continuing a 
standing instruction to the manager for an action or 
category of actions, the IRC will have:
*	reviewed the manager's written policies and 
procedures with respect to the action or category of 
actions;
*	requested from the manager or other persons a 
report or certification to assist in deciding whether 
to give its approval or recommendation for the 
action or category of actions under subsection 5.2(1) 
or 5.3(1), as the case may be;
*	considered whether a standing instruction for the 
particular action or category of actions is 
appropriate for the investment fund; and 
*	established very clear terms and conditions 
surrounding the standing instruction for the action 
or category of actions.     
An IRC may consider including in any standing 
instruction any terms or conditions in prior exemptive 
relief orders, waivers or approvals obtained from the 
securities regulatory authorities.   
3.	As part of the IRC's review under subparagraph 
(2)(b)(ii), the IRC is expected to be mindful of its 
reporting obligation under section 4.5 of this Instrument, 
which includes notifying the securities regulatory 
authorities of any instance where the manager, in 
proceeding with an action, did not meet a condition 
imposed by the IRC in its approval (this includes a 
standing instruction). 
4.	This section is intended to improve the flexibility and 
timeliness of the manager's decisions concerning a 
proposed course of action in a conflict of interest matter.
PART 6	EXEMPTED TRANSACTIONS
6.1 	Inter-fund trades 
(1)	In this section 
(a)	"current market price of the security" means,
(i)	if the security is an exchange-traded security or 
a foreign exchange-traded security, 
(A)	the closing sale price on the day of the 
transaction as reported on the 
exchange upon which the security is 
listed or the quotation trade reporting 
system upon which the security is 
quoted, or 
(B)	if there are no reported transactions for 
the day of the transaction, the average 
of the highest current bid and lowest 
current ask for the security as 
displayed on the exchange upon which 
the security is listed or the quotation 
trade reporting system upon which the 
security is quoted, or
(C)	if the closing sale price on the day of 
the transaction is outside of the closing 
bid and closing ask, the average of the 
highest current bid and lowest current 
ask for the security as displayed on the 
exchange upon which the security is 
listed or the quotation trade reporting 
system upon which the security is 
quoted; or
(ii)	for all other securities, the average of the 
highest current bid and lowest current ask 
determined on the basis of reasonable inquiry; 
and  
(b)	"market integrity requirements" means
(i)	if the security is an exchange-traded security, 
the purchase or sale 
(A)	is printed on a marketplace that 
executes trades of the security; and 
(B)	complies with the market conduct and 
display requirements of the 
marketplace, its regulation services 
provider and securities regulatory 
authorities; or
(ii)	if the security is a foreign exchange-traded 
security, the purchase or sale complies with the 
requirements that govern transparency and 
trading of foreign exchange-traded securities on 
the foreign exchange or foreign quotation and 
trade reporting system; or
(iii)	for all other securities, the purchase or sale is 
through a dealer, if the purchase or sale is 
required to be reported by a registered dealer 
under applicable securities legislation.
(2)	The portfolio manager of an investment fund may purchase a 
security of any issuer from, or sell a security of any issuer to, 
another investment fund managed by the same manager or an 
affiliate of the manager, if, at the time of the transaction
(a)	the investment fund is purchasing from, or selling to, 
another investment fund to which this Instrument applies;
(b)	the independent review committee has approved the 
transaction under subsection 5.2(2);  
(c)	the bid and ask price of the security is readily available; 
(d)	the investment fund receives no consideration and the 
only cost for the trade is the nominal cost incurred by the 
investment fund to print or otherwise display the trade; 
(e)	the transaction is executed at the current market price of 
the security;  
(f)	the transaction is subject to market integrity 
requirements; and 
(g)	the investment fund keeps written records, including 
(i)	a record of each purchase and sale of securities; 
(ii)	the parties to the trade; and 
(iii) 	the terms of the purchase or sale
for five years after the end of the fiscal year in which the 
trade occurred, the most recent two years in a reasonably 
accessible place.
(3)	The provisions of National Instrument 21-101 Marketplace 
Operation, and Part 6 and Part 8 of National Instrument 23-101 
Trading Rules, do not apply to a portfolio manager or portfolio 
adviser of an investment fund, or an investment fund, with respect 
to a purchase or sale of a security referred to in subsection (2) if 
the purchase or sale is made in accordance with that subsection. 
(4)	The inter-fund self-dealing investment prohibitions do not apply to 
a portfolio manager or portfolio adviser of an investment fund, or 
an investment fund, with respect to a purchase or sale of a security 
referred to in subsection (2) if the purchase or sale is made in 
accordance with that subsection. 
(5) 	The dealer registration requirement does not apply to a portfolio 
manager of an investment fund, with respect to a purchase or sale 
of a security referred to in subsection (2) if the purchase or sale is 
made in accordance with that subsection.
(6)	In subsection (5). "dealer registration requirement" has the 
meaning ascribed to that term in National Instrument 14-101 
Definitions.
	Commentary
1.	The term "inter-fund self-dealing investment 
prohibitions" is defined in section 1.5 of this Instrument. 
It is intended to capture the prohibitions in the securities 
legislation and certain regulations of each securities 
regulatory authority regarding inter-fund trades. 
2.	This section is intended to exempt investment funds from 
the prohibitions in the securities legislation and certain 
regulations that preclude inter-fund trades. It is not 
intended to apply to securities issued by an investment 
fund that are purchased by another fund within the same 
fund family. 
	The CSA are of the view that this section applies to inter-
fund trades between fund families of the same manager 
provided the purchase or sale is made in accordance 
with subsection (2).
3.	This section is also intended to provide a portfolio 
manager with a dealer registration exemption, where 
necessary, for inter-fund trades made in accordance with 
this section, but will not apply to any other activities of 
the portfolio manager.  The exemption is based on 
compliance with this Instrument and the limitation of its 
application to prospectus-qualified investment funds.  
The CSA note that the Registration Reform project may 
re-examine this exemption.
4.	This section sets out the minimum conditions for inter-
fund trades to proceed without regulatory exemptive 
relief. An IRC may consider including in any approval 
any terms or conditions in prior exemptive relief orders, 
waivers or approvals obtained from the securities 
regulatory authorities. 
5.	This section does not specify the policies and procedures 
that a manager must have to effect inter-fund trades. 
However, the CSA expect the manager's policies to 
include factors or criteria for 
*	allocating securities purchased for or sold by two or 
more investment funds managed by the manager; 
and 
*	ensuring that the terms of purchase or sale will be 
no less beneficial to the investment fund than those 
generally available to other market participants in 
arm's-length transactions. 
6.	The CSA expect that the IRC may give its approval in the 
form of a standing instruction under section 5.4, to give 
the manager greater flexibility to take advantage of 
perceived market opportunity. 
7.	Paragraph (2)(c) requires that the market quotations for 
the transactions be transparent. The CSA expect that if 
the price information is publicly available from a 
marketplace, newspaper or through a data vendor, for 
example, this will be the price. If the price is not publicly 
available, the CSA expect the investment fund to obtain at 
least one quote from an independent, arm's-length 
purchaser or seller, immediately before the purchase or 
sale.
8.	The CSA consider the requirement in paragraph (2)(f) to 
be a way to facilitate price discovery and integrity. The 
CSA believe this is essential to well-functioning and 
efficient capital markets. Subparagraph (1)(b)(iii) is 
intended to capture, for corporate debt securities, the 
requirement, if applicable, to report the trade to CanPx, 
and for illiquid securities, the requirement, if applicable, 
to report the trade to the Canadian Unlisted Board 
(CUB).   
9.	Paragraph (2)(g) sets out the minimum expectations 
regarding the records an investment fund must keep of its 
inter-fund trades made in reliance on this section. The 
records should be detailed, and sufficient to establish a 
proper audit trail of the transactions.
6.2	Transactions in securities of related issuers 
(1)	An investment fund may make or hold an investment in the 
security of an issuer related to it, its manager, or an entity related 
to the manager, if 
(a)	at the time that the investment is made, 
(i)	the independent review committee has approved 
the investment under subsection 5.2(2); and 
(ii)	the purchase is made on an exchange on which 
the securities of the issuer are listed and traded; 
and 
(b)	no later than the time the investment fund files its annual 
financial statements,  the manager of the investment fund 
files with the securities regulatory authority or regulator 
the particulars of the investment. 
(2)	The mutual fund conflict of interest investment restrictions do not 
apply to a mutual fund with respect to an investment referred to in 
subsection (1) if the investment is made in accordance with that 
subsection.
(3)	In subsection (2), "mutual fund conflict of interest investment 
restrictions" has the meaning ascribed to that term in National 
Instrument 81-102 Mutual Funds.
(4)	In Quebec, Section 236 of the Securities Regulation does not apply 
to a portfolio adviser or registered person acting under a 
management contract with respect to an investment referred to in 
subsection (1) on behalf of an investment fund, if the investment is 
made in accordance with that subsection. 
	Commentary
1.	This section is intended to relieve investment funds in 
Quebec, and mutual funds elsewhere in Canada, from the 
prohibitions in the securities legislation of each 
securities regulatory authority that preclude investments 
in securities of related issuers. 
2.	This section sets out the minimum conditions for 
purchases to proceed without regulatory exemptive relief. 
An IRC may consider including in any approval any 
terms or conditions in prior exemptive relief orders, 
waivers or approvals obtained from the securities 
regulatory authorities. 
The CSA expect that the IRC may give its approval in the 
form of a standing instruction as described in section 5.4 
to allow the manager greater flexibility in its decisions. 
3.	This section contemplates that the manager will comply 
with the applicable reporting requirements under 
securities legislation for each purchase. The filing 
referred to in paragraph (1)(b) should be filed on the 
SEDAR group profile number of the investment fund, as a 
continuous disclosure document. 
4.	If an IRC gives its approval for the investment fund to 
purchase securities of an issuer described in this section, 
and then subsequently withdraws its approval for 
additional purchases, the CSA will not consider the 
continued holding of the securities to be subject to 
subsection 1.2(b) of the Instrument. However, we will 
expect the manager to consider whether continuing to 
hold those securities is a conflict of interest matter that 
subsection 1.2(a) of the Instrument would require the 
manager to refer to the IRC. 
PART 7	EXEMPTIONS
7.1	Exemptions
(1)	The securities regulatory authority or regulator may grant an 
exemption from this Instrument, in whole or in part, subject to 
such conditions or restrictions as may be imposed in the 
exemption. 
(2)	Despite subsection (1), in Ontario only the regulator may grant 
such an exemption. 
7.2	Existing exemptions, waivers or approvals 
Any exemption, waiver or approval under a provision of securities 
legislation that was 	effective before this Instrument came into force and that 
deals with the matters that this Instrument regulates, will expire one year 
after this Instrument comes into force. 
Commentary
1.	The CSA have, in a number of jurisdictions, granted 
exemptions and waivers from the conflict of interest and 
self-dealing provisions in securities legislation to permit 
the manager and/or the investment fund to make 
investments not otherwise permitted by securities 
legislation. Some of those exemptions and waivers 
contained "sunset" provisions that provided for the 
expiry of the exemption or waiver upon the coming into 
force of legislation or a CSA policy or rule that 
effectively provides for fund governance. 
For greater certainty, the CSA note that the coming into 
force of section 7.2 of this Instrument will effectively 
cause all exemptions and waivers that deal with the 
matters regulated by this Instrument - not just those 
exemptions and waivers that deal with the matters under 
subsection 5.2(1) - to expire one year after its coming 
into force whether or not they contained a "sunset" 
provision. 
PART 8	EFFECTIVE DATE
8.1	Effective date
This Instrument comes into force on November 1, 2006.
8.2	Transition
(1)	Despite section 8.1, this Instrument does not apply to an 
investment fund until the earlier of
(a)	the date on which the manager provides to the securities 
regulatory authority or regulator the notification referred 
to in subsection (4); and 
(b)	the date one year after this Instrument comes into force. 
(2)	Despite subsection (1), six months from the date this Instrument 
comes into force the manager must appoint the first members of 
the independent review committee under section 3.2 in compliance 
with this Instrument. 
(3)	Despite section 4.4, the independent review committee's first 
report to securityholders must be completed by the 120th day after 
the end of the first financial year of the investment fund to which 
this Instrument applies. 
(4)	A manager of an investment fund must notify the securities 
regulatory authority or regulator in writing if it intends to comply 
with this Instrument prior to the expiration of the transition period 
under subsection (1). 
(5)	The notification referred to in subsection (4) is satisfied if the 
notification is made to the investment fund's principal regulator.
           Commentary
1.	Section 8.2 is intended to address transitional concerns.  
The CSA expect that all investment funds will be 
compliant with this Instrument following the expiry of the 
transition period under subsection 8.2(1), twelve months 
after the Instrument is in force. For an investment fund 
established after the expiry of the transition period, it is 
expected that the investment fund will be compliant with 
this Instrument before any purchase order for securities 
of the investment fund is accepted.
2.	Subsection 8.2(2) allows a manager an extra six months 
from the date this Instrument is in force to appoint the 
initial members of the IRC. 
While a six month transition period exists for the 
appointment of IRC members, the CSA strongly 
encourage a timely appointment of the IRC by the 
manager so that within the twelve month transitional 
period there is sufficient time for the IRC to adopt its 
charter, to review the manager's policies and 
procedures, and to review (subject to manager referral) 
any existing conflict of interest matters. 
The transition period is also intended to give the 
manager sufficient time to refer existing and new conflict 
of interest matters to the IRC for its review and 
determination.  
3.	The CSA anticipate a manager or investment fund may 
wish to rely on the Instrument before the expiry of the 
transition period so that it may proceed with IRC 
approval for an otherwise prohibited or restricted 
transaction in securities legislation described in 
subsection 5.2(1). This may not occur unless there is 
complete compliance with the Instrument. Subsection (4) 
is intended to assist the CSA in knowing which managers 
of investment funds are proceeding in this manner before 
the expiry of the transition period. 
4.	For investment funds established before the expiry of the 
transition period, the CSA expect the manager to 
establish policies and procedures on any conflict of 
interest matters (if they do not already have them), and to 
refer to the IRC these policies and procedures and any 
decisions related to such matters prior to the end of the 
transition period. 
5.	The CSA do not consider a manager's organization of an 
investment fund (such as the initial setting of fees or the 
initial choice of service providers) to be subject to IRC 
review, unless the manager's decisions give rise to a 
conflict of interest concerning the manager's obligations 
to existing investment funds within the manager's fund 
family. However, the CSA expect the manager will 
establish policies and procedures for any conflict of 
interest matters arising from the investment fund's 
organization or otherwise, and refer to the IRC these 
policies and procedures and any decisions related to 
such matters. 
It is anticipated that the manager will wish to engage the 
IRC early in the establishment of the investment fund to 
ensure the IRC is adequately informed of potential new 
conflicts of interest.
6.	An investment fund, whether established before or after 
the date this Instrument comes into force, has a total 
transition period of up to twelve months from the date the 
Instrument comes into force to comply with the 
Instrument. Only if the manager of an investment fund 
intends to comply with the Instrument in its entirety 
before the expiry of the transition period is the notice in 
subsection (4) required.   
7.	It is expected that investment funds will incorporate any 
new disclosure obligations arising out of this Instrument 
as part of their annual prospectus renewal or continuous 
disclosure filing following the expiry of the transition 
period. 
8.	The CSA do not consider the expenses incurred by 
existing investment funds in establishing an IRC under 
this Instrument to be caught by section 5.1 of NI 81-102. 
We do not view section 5.1 as intending to capture the 
costs associated with compliance by an investment fund 
with new regulatory requirements.  
APPENDIX A -	CONFLICT OF INTEREST OR SELF-DEALING 
PROVISIONS  
JURISDICTION 	SECURITIES LEGISLATION REFERENCE
Alberta	Part 15 - Insider Trading and Self-Dealing of the 
Securities Act (Alberta)

British Columbia	Part 15 - Self-Dealing of the Securities Act 
(British Columbia)

Manitoba	Part XI - Insider Trading of the Securities Act 
(Manitoba)

Newfoundland 	Part XX - Insider Trading and Self-Dealing of the
and Labrador	Securities Act (Newfoundland and Labrador)

New Brunswick	Part 10 - Insider Trading and Self-Dealing of the 
Securities Act (New Brunswick)

Nova Scotia	Sections 112 - 128 of the Securities Act (Nova 
Scotia)

Ontario	Part XXI - Insider Trading and Self-Dealing of 
the Securities Act (Ontario)

Quebec	Section 236 of the Securities Regulation (Quebec) 

Saskatchewan	Part XVII - Insider Trading and Self-Dealing - 
Mutual Funds of the Securities Act (Saskatchewan)

British Columbia, Alberta, 	Part 4 of National Instrument 81-102 Mutual Funds
Manitoba, Newfoundland and 
Labrador, New Brunswick, 
Northwest Territories, Nova 
Scotia, Nunavut, Ontario, 
Prince Edward Island, 
Quebec, Saskatchewan and 
Yukon 

APPENDIX B -	INTER-FUND SELF-DEALING CONFLICT OF INTEREST 
PROVISIONS 
JURISDICTION 	SECURITIES LEGISLATION REFERENCE
Alberta	Section 192(2)(b) of the Securities Act  (Alberta)
	Section 31(6) of ASC Rules

British Columbia	Section 127(1)(b) of the Securities Act (British   
Columbia)

Newfoundland 	Section 119(2)(b) of the Securities Act 
and Labrador	(Newfoundland and Labrador)
	Section 103(6) of Reg. 805/96

New Brunswick	Section 144(1)(b) of the Securities Act (New 
Brunswick)
	Section 11.7(6) of Local Rule 31-501 Registration 
Requirements

Nova Scotia	Section 126(2)(b) of the Securities Act (Nova 
Scotia)
	Section 32(6) of the General Securities Rules

Ontario	Section 118(2)(b) of the Securities Act (Ontario)
	Section 115(6) of Reg. 1015

Prince Edward Island	Section 38.1(6) of Securities Act Regulations  

Quebec	Section 236 of the Securities Regulation (Quebec)

Saskatchewan	Section 127(2)(b) of the Securities Act 
(Saskatchewan)
	Section 27(6) of Securities Regulations

 
______________


AMENDMENTS TO NATIONAL INSTRUMENT 81-101  
Mutual Fund Prospectus Disclosure, 
Form 81-101F1 Contents of Simplified Prospectus and 
Form 81-101F2 Contents of Annual Information Form  
 
(Securities Act)
 
Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.

1.	Section 1.1 of National Instrument 81-101 Mutual Fund Prospectus 
Disclosure is amended by: 
(a)	adding the following after the definition of "financial year":
"independent review committee" means the independent review 
committee of the investment fund established under National 
Instrument 81-107 Independent Review Committee for Investment 
Funds;"; and
(b)	adding the following after the definition of "multiple SP":
"NI 81-107" means National Instrument 81-107 Independent 
Review Committee for Investment Funds;". 
2.	Form 81-101F1 Contents of Simplified Prospectus is amended
(a)	in Item 5 of Part A by:
    (i)	adding the following after subsection (3):
"(3.1) Under a separate sub-heading "Independent 
Review Committee" in the diagram or table, briefly 
describe the independent review committee of the mutual 
funds, including 
*	an appropriate summary of its mandate, 
*	its composition, 
*	that it prepares at least annually a report of its 
activities for securityholders which is available 
on the [mutual fund's/mutual fund family's] 
Internet site at [insert mutual fund's Internet site 
address], or at the securityholders request at no 
cost, by contacting the [mutual fund/mutual 
fund family] at [insert mutual fund's /mutual 
fund family's e-mail address], and 
*	that additional information about the 
independent review committee, including the 
names of the members, is available in the 
mutual fund's Annual Information Form."; 
(ii)	adding the following after subsection (5):
"(6) Despite subsection (3.1), if the information required 
by subsection (3.1) is not the same for substantially all of 
the mutual funds described in the document, provide only 
that information that is the same for substantially all of 
the mutual funds and provide the remaining disclosure 
required by that subsection under Item 4(3.1) of Part B of 
this Form."; and
(iii)	adding the following Instruction after Instruction (2):
"(3) The information about the independent review 
committee should be brief. For instance, its mandate may 
in part be described as "reviewing, and providing input 
on, the manager's written policies and procedures which 
deal with conflict of interest matters for the manager and 
reviewing such conflict of interest matters." A cross-
reference to the annual information form for additional 
information on the independent review committee and 
fund governance should be included.".  
(b)	in Item 8 of Part A by 
(i)	adding the following after subsection 8.1(3) :
"(3.1) Under "Operating Expenses" in the table, include a 
description of the fees and expenses payable in 
connection with the independent review committee."; and
(ii)	adding the following after subsection 8.1(5):
"(6) Despite subsection (3.1), if the information required 
by subsection (3.1) is not the same for each mutual fund 
described in the document, make this disclosure in the 
description of fees and expenses required for each fund 
by Item 5 of Part B of this Form and include a cross-
reference to that information in the table required by this 
Item.". 
(c)	in Item 4 of Part B by adding the following after subsection (3): 
"(3.1) Under a separate sub-heading "Independent Review 
Committee" in the diagram or table, briefly describe the 
independent review committee of the mutual funds, including 
*	 an appropriate summary of its mandate, 
*	 its composition, 
*	 that it prepares at least annually a report of its 
activities for securityholders 
which is available on the [mutual fund's/mutual fund 
family's] Internet site at [insert mutual fund's Internet 
site address], or at securityholders request at no cost, by 
contacting the [mutual fund/mutual fund family] at [insert 
mutual fund's /mutual fund family's e-mail address], and 
*	that additional information about the 
independent review committee, 
including the names of the members, is available in the 
mutual fund's Annual Information Form.". 
(d)	in Item 5 of Part B by adding the following after subparagraph 
(f)(ii):
"(iii) the amount of the fees and expenses payable in connection 
with the independent review committee, charged to the mutual 
fund; and". 
3.	Form 81-101F2 Contents of Annual Information Form is amended
(a)	in Item 4 by adding the following after subsection (2): 
"(2.1)	If the mutual fund has relied on the approval of the 
independent review committee and the relevant 
requirements of NI 81-107 to vary any of the investment 
restrictions and practices contained in securities 
legislation, including NI 81-102, provide details of the 
permitted variations. 
(2.2)	If the mutual fund has relied on the approval of the 
independent review committee to implement a 
reorganization with, or transfer of assets to, another 
mutual fund or to proceed with a change of auditor of the 
mutual fund as permitted by NI 81-102, provide details.". 
(b)	in Item 10 by:
(i)	striking out "and" at the end of paragraph 10.1(f);
(ii)	adding ";and" at the end of paragraph 10.1(g); and 
(iii)	adding the following after paragraph 10.1(g):  
"(h) the oversight of the manager of the mutual fund by 
the independent review committee.".
(c)	in Item 11 by adding the following after subsection 11.1(5):
"(6) Disclose the percentage of securities of each class or series of 
voting or equity securities beneficially owned, directly or 
indirectly, in aggregate, by all the independent review committee 
members of the mutual fund
(a) in the mutual fund if the aggregate level of ownership 
exceeds 10 percent,
(b) in the manager, or 
(c) in any person or company that provides services to the 
mutual fund or the manager.". 
(d)	in Item 12 
(i)	by repealing paragraph (1)(a) and substituting the 
following:
"(a) the mandate and responsibilities of the independent review 
committee and the reasons for any change in the composition of 
the independent review committee since the date of the most 
recently filed annual information form;
(a.1) any other body or group that has responsibility for fund 
governance and the extent to which its members are independent 
of the manager of the mutual fund; and"; and 
(ii)	by renumbering the Instruction as Instruction (1) and 
adding the following Instruction after Instruction (1):
"(2) If the mutual fund has an independent review committee, state 
in the disclosure provided under paragraph (1)(b) that NI 81-107 
requires the manager to have policies and procedures relating to 
conflicts of interest.".   
(e)	in Item 15 by repealing subsection (2) and substituting the following:
"(2) Describe any arrangements under which compensation was 
paid or payable by the mutual fund during the most recently 
completed financial year of the mutual fund, for the services of 
directors of the mutual fund, members of an independent board of 
governors or advisory board of the mutual fund and members of 
the independent review committee of the mutual fund, including 
the amounts paid, the name of the individual and any expenses 
reimbursed by the mutual fund to the individual
(a)	in that capacity, including any additional amounts payable 
for committee participation or special assignments; and
(b) as consultant or expert." 
4.	This Instrument comes into force on November 1, 2006. 
______________
AMENDMENTS TO NATIONAL INSTRUMENT 81-102  
Mutual Funds  
 
(Securities Act)
 
Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.
1.	The Table of Contents of National Instrument 81-102 Mutual Funds is 
amended by adding the following after Appendix B-1, Appendix B-2 and 
Appendix B-3 - Compliance Reports: 
	"APPENDIX C -Provisions contained in Securities Legislation for 
the Purpose of Subsection 4.1(5) - Prohibited Investments".
2.	Section 1.1 of National Instrument 81-102 Mutual Funds is amended by:
(a)	adding the following after the definition of "illiquid asset":
""independent review committee" means the independent review 
committee of the investment fund established under National 
Instrument 81-107 Independent Review Committee for Investment 
Funds";   
(b)	repealing the definition of "mutual fund conflict of interest 
investment restrictions" and substituting the following: 
	""mutual fund conflict of interest investment restrictions" means 
the provisions of securities legislation that
(a)	prohibit a mutual fund from knowingly making or 
holding an investment in any person or company who is a 
substantial security holder, as defined in securities 
legislation, of the mutual fund, its management company, 
manager or distribution company; 
(b)	prohibit a mutual fund from knowingly making or 
holding an investment in any person or company in 
which the mutual fund, alone or together with one or 
more related mutual funds, is a substantial security 
holder, as defined in securities legislation;
(c)	prohibit a mutual fund from knowingly making or 
holding an investment in an issuer in which any person or 
company who is a substantial security holder of the 
mutual fund, its management company, manager or 
distribution company, has a significant interest, as 
defined in securities legislation; 
(d)	prohibit a mutual fund, a responsible person as 
defined in securities legislation, a portfolio adviser or a 
registered person acting under a management contract 
from knowingly causing any investment portfolio 
managed by it, or a mutual fund, to invest in, or prohibit 
a mutual fund from investing in, any issuer in which a 
responsible person, as defined in securities legislation, is 
an officer or director unless the specific fact is disclosed 
to the mutual fund, securityholder or client, and where 
securities legislation requires it, the written consent of the 
client to the investment is obtained before the purchase; 
(e)	prohibit a mutual fund, a responsible person as 
defined in securities legislation, or a portfolio adviser 
knowingly causing any investment portfolio managed by 
it to purchase or sell, or prohibit a mutual fund from 
purchasing or selling, the securities of any issuer from or 
to the account of a responsible person, as defined in 
securities legislation, an associate of a responsible person 
or the portfolio adviser; and 
(f)	prohibit a portfolio adviser or a registered person 
acting under a management contract from subscribing to 
or buying securities on behalf of a mutual fund, where his 
or her own interest might distort his or her judgment, 
unless the specific fact is disclosed to the client and the 
written consent of the client to the investment is obtained 
before the subscription or purchase."; and 
(c)	adding the following after the definition of "mutual fund conflict 
of interest reporting requirements":
""NI 81-107" means National Instrument 81-107 Independent 
Review Committee for Investment Funds."
3.	Section 4.1 of National Instrument 81-102 Mutual Funds is amended by 
adding the following after subsection (3):
"(4) Subsection (1) does not apply to an investment in a class of securities of 
an issuer if, at the time of each investment 
(a)	the independent review committee of the dealer managed 
mutual fund has approved the transaction under subsection 5.2(2) 
of NI 81-107; 
(b)	in a class of debt securities of an issuer other than a class of 
securities referred to in subsection (3), the security has been given, 
and continues to have, an approved rating by an approved credit 
rating organization; 
(c)	in any other class of securities of an issuer, 
(i)  the distribution of the class of equity securities is 
made by prospectus filed with one or more securities 
regulatory authorities or regulators in Canada, and 
(ii)  during the 60 day period referred to in subsection (1) 
the investment is made on an exchange on which the 
class of equity securities of the issuer is listed and traded; 
and
(d)	no later than the time the dealer managed mutual fund files its 
annual financial statements, the manager of the dealer managed 
mutual fund files the particulars of each investment made by the 
dealer managed mutual fund during its most recently completed 
financial year.
(5) The corresponding provisions contained in securities legislation referred 
to in Appendix C do not apply with respect to an investment in a class of 
securities of an issuer referred to in subsection (4) if the investment is made 
in accordance with that subsection.". 
4.	Section 4.3 of National Instrument 81-102 Mutual Funds is amended by
(a)	renumbering 4.3 Exception as subsection (1); and
(b)	adding the following after subsection (1):
"(2) Section 4.2 does not apply to a purchase or sale of a class of debt 
securities by a mutual fund from, or to, another mutual fund managed by the 
same manager or an affiliate of the manager, if, at the time of the transaction
(a)	the mutual fund is purchasing from, or selling to, another 
mutual fund to which NI 81-107 applies;
(b)	the independent review committee of the mutual fund has 
approved the transaction under subsection 5.2(2) of NI 81-107; and
(c)	the transaction complies with subsection 6.1(2) of NI 81-
107.".
5.	Section 5.1 of National Instrument 81-102 Mutual Funds is amended by 
repealing paragraph 5.1(d). 
6.	Section 5.3 of National Instrument 81-102 Mutual Funds is amended 
(a)	by adding the following after subsection 5.3(1): 
"(2)  Despite section 5.1, the approval of securityholders of a mutual fund is 
not required to be obtained for a change referred to in paragraph 5.1(f) if 
(a)	the independent review committee of the mutual fund has 
approved the change under subsection 5.2(2) of NI 81-107; 
(b)	the mutual fund is being reorganized with, or its assets are 
being transferred to, another mutual fund to which this Instrument 
and NI 81-107 apply and that is managed by the manager, or an 
affiliate of the manager, of the mutual fund;
(c)	the reorganization or transfer of assets of the mutual fund 
complies with the criteria in paragraphs 5.6(1)(a), (b), (c), (d), (g), 
(h) and (i) and subsection 5.6(2);
(d)	the simplified prospectus of the mutual fund discloses that, 
although the approval of securityholders may not be obtained 
before making the change, securityholders will be sent a written 
notice at least 60 days before the effective date of the change; and
(e)	the notice referred to in paragraph (d) to securityholders is 
sent 60 days before the effective date of the change."; and
(b)	by adding the following after section 5.3:
"5.3.1 Change of Auditor of the Mutual Fund - The auditor of the mutual 
fund may not be changed unless
(a)	the independent review committee of the mutual fund has 
approved the change of auditor under subsection 5.2(2) of  NI 81-
107;
(b)	the simplified prospectus of the mutual fund discloses that, 
although the approval of securityholders will not be obtained 
before making the change, securityholders will be sent a written 
notice at least 60 days before the effective date of the change, and
(c)	the notice referred to in paragraph (b) to securityholders is 
sent 60 days before the effective date of the change.".   
7.	National Instrument 81-102 Mutual Funds is amended by adding the 
following after Appendix B-3 - AUDIT REPORT:
"APPENDIX C - PROVISIONS CONTAINED IN SECURITIES 
LEGISLATION FOR THE PURPOSE OF SUBSECTION 4.1(5) -
PROHIBITED INVESTMENTS
JURISDICTION 	SECURITIES LEGISLATION REFERENCE
Alberta	s. 9 of ASC Policy 7.1
British Columbia	s. 81 of the Securities Rules (British Columbia)
Newfoundland and	s. 191 of Reg 805/96 
Labrador
New Brunswick	s. 13.2 of Local Rule 3 Requirements
Nova Scotia	s. 67 of the General Securities Rules
Ontario	s. 227 of Reg. 1015
Quebec	Article 236 and 237.1 of the Securities Regulation" 
8.	This Instrument comes into force on November 1, 2006. 
______________
AMENDMENTS TO NATIONAL INSTRUMENT 81-106  
Investment Fund Continuous Disclosure and  
Form 81-106F1 Contents of Annual and Interim Management Report of Fund 
Performance
(Securities Act)

Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.
1.	Section 1.1 of National Instrument 81-106 Investment Fund Continuous 
Disclosure is amended by 
(a)	adding the following after the definition of "EVCC":
""independent review committee" means the independent review committee 
of the investment fund established under National Instrument 81-107 
Independent Review Committee for Investment Funds;"; and 
(b)	adding the following after the definition of "National Instrument 
51-102":
""National Instrument 81-107" means National Instrument 81-107 
Independent Review Committee for Investment Funds;".
2.	Section 1.3 of National Instrument 81-106 Investment Fund Continuous 
Disclosure is amended by striking out "Multinational Instrument "81-104" 
and substituting "National Instrument 81-104".
3.	Section 3.2 of National Instrument 81-106 Investment Fund Continuous 
Disclosure is amended by adding the following after item 8:
"8.1.	independent review committee fees. "
4.	Section 9.4 of National Instrument 81-106 Investment Fund Continuous 
Disclosure is amended by repealing paragraph (2)(f) and substituting the 
following:
"(f)	Item 15 of Form 81-101F2 does not apply to an investment fund 
that is a corporation, except for the disclosure in connection with 
the independent review committee; and".  
5.	Form 81-106F1 Contents of Annual and Interim Management Report of 
Fund Performance is amended
(a)	in section 2.4 by 
(i)	striking out "and" at the end of paragraph (d);
(ii)	adding ";and" at the end of paragraph (e); 
(iii)	adding the following after paragraph (e):
"(f)	changes to the composition or members of the 
independent review committee of the 
investment fund. "; and
(b)	in section 2.5 by adding the following Instruction after Instruction 
(3): 
"(4)	If the investment fund has an independent review committee, 
state whether the investment fund has relied on the positive 
recommendation or approval of the independent review committee 
to proceed with the transaction, and provide details of any 
conditions or parameters surrounding the transaction imposed by 
the independent review committee in its positive recommendation 
or approval. 
6.	This Instrument comes into force on November 1, 2006. 
______________
AMENDMENTS TO NATIONAL INSTRUMENT 13-101  
System for Electronic Document Analysis and Retrieval (Sedar)
(Securities Act)

Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.
1.	Appendix A - Mandated Electronic Filings of National Instrument 13-101 
System for Electronic Document Analysis and Retrieval (SEDAR) is 
amended by
(a)	adding the following after Item 17  of part I B. :

"18.	Report by Independent Review Committee. 
19.	Manager - transactions in securities of related issuers 
20.	Manager - transactions under Part 4 of NI 81-102
        21.	Manager - notification under Part 5 of NI 81-107"; and 
(b)	adding the following after Item 18 of part II B.(a):
"19.	Report by Independent Review Committee.
20.	Manager - transactions in securities of related issuers 
21.	Manager - transactions under Part 4 of NI 81-102
22.	Manager - notification under Part 5 of NI 81-107". 
2.	This Instrument comes into force on November 1, 2006. 
______________
AMENDMENTS TO NATIONAL INSTRUMENT 81-104  
Commodity Pools
(Securities Act)

Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.
1.	Section 1.1 of National Instrument 81-104 Commodity Pools is amended by 
adding the following after the definition "Derivatives Fundamentals 
Course":
""independent review committee" means the independent review committee 
of the investment fund established under National Instrument 81-107 
Independent Review Committee for Investment Funds;". 
2.	Section 9.2 of National Instrument 81-104 Commodity Pools is amended by 
adding the following after subsection 9.2(o):
	"(p)		provide the disclosure concerning the independent review 
committee of the commodity pool that is required to be provided by a 
mutual fund under 
(i)	subsection 3.1 of Item 5 of Part A of Form 81-101F1 
Contents of Simplified Prospectus, 
(ii)	subsection 3.1 of Item 8 of Part A of Form 81-101F1 
Contents of Simplified Prospectus, 
(iii)	subsections 2.1 and 2.2 of Item 4 of Form 81-101F2 
Contents of Annual Information Form, 
(iv)	paragraph (h) of Item 10.1 of Form 81-101F2 Contents of 
Annual Information Form,
(v)	subsection 6 of Item 11.1 of Form 81-101F2 Contents of 
Annual Information Form, 
(vi)	subsection 1 of Item 12 Form 81-101F2 Contents of 
Annual Information Form, and
(vii)	subsection 2 of Item 15 of Form 81-101F2 Contents of 
Annual Information Form in connection with the independent 
review committee." 
3.	This Instrument comes into force on November 1, 2006. 
______________
AMENDMENT TO ALBERTA SECURITIES COMMISSION RULES 
(GENERAL)
(Securities Act)

Made as an amendment rule by the Alberta Securities Commission on November 1, 
2006 pursuant to sections 223 and 224 of the Securities Act.
PART 1 	Amendment To Alberta Securities Commission Rules (General)
1.1	The Alberta Securities Commission Rules (General) are amended by 
this Instrument.
1.2	Section 31 is amended by adding the following after subsection (6):
(7) Subsection (6) does not apply in the case of an investment counsel 
acting as portfolio manager of an investment fund with respect to a 
purchase or sale of a security referred to in section 6.1 of National 
Instrument 81-107 Independent Review Committee for Investment 
Funds if made in accordance with that section.

Seniors and Community Supports
Hosting Expenses Exceeding $600.00 
For the period April 1, 2006 to June 30, 2006
Function: Alberta Aids to Daily Living (AADL) - Authorizer Workshop 
Purpose: Training of occupational therapists, physical therapists and registered 
nurses in AADL policy and procedure regarding the authorization of program benefits 
for clients. 
Amount: $1,546.83 
Date: October 5 - 6, 2005 
Location: Calgary, Alberta
Function: Premier's Council for the Status of Persons with Disabilities - Open House 
Purpose: Following the Council meetings, an open house reception for the 
community was held.  The event brought together government and the disability 
community to exchange information on the status of Albertans with disabilities, and 
to explore opportunities for collaboration. 
Amount: $1,293.73 
Date: April 20 - 21, 2006 
Location: Medicine Hat, Alberta
Sustainable Resource Development
Alberta Fishery Regulations, 1998
Notice of Variation Order 25-2006
Commercial Fishing Seasons
The close times and quotas set out in Schedule 8 to the Alberta Fishery Regulations in 
respect of the waters listed in the Schedule to this Notice have been varied by 
Variation Order 25-2006 by the Director of Fisheries Management in accordance with 
section 3 of the Alberta Fishery Regulations.
Where fishing with gill nets is permitted during an open season established by the 
Order, the gill net mesh size has been specified in the Order.
Pursuant to Variation Order 25-2006 commercial fishing is permitted in accordance 
with the following schedule.
SCHEDULE 
PART 1
Item - 1 
Column 1 Waters - In respect of: (28.1) Fawcett Lake (76-26-W4)  - excluding that 
portion in 5,6,7,8-73-26-W4 
Column 2 Gear - Gill net not less than 140 mm mesh 
Column 3 Open Time - 08:00 hours September 18, 2006 to 16:00 hours 
September 21, 2006.
Column 4 Species and Quota - 1) Lake whitefish: 8,000 kg; 2) Walleye: 900 kg; 3) 
Yellow perch: 1 kg; 4) Northern pike: 900 kg; 5) Tullibee: 8,000 kg; 6) Lake trout: 1 
kg.
ADVERTISEMENTS
Notice of Certificate of Intent to Dissolve
(Business Corporations Act)
Notice is hereby given that a Certificate of Intent to Dissolve was issued to Credifax 
of Canada Ltd. on August 23, 2006.
Dated at Calgary, Alberta, September 8, 2006.
Mark M. Kirwin, Solicitor.
______________
Notice of Certificate of Intent to Dissolve
(Business Corporations Act)
Notice is hereby given that a Certificate of Intent to Dissolve was issued to H.K.S. 
Property Group Ltd. on September 26, 2006.
Dated at Edmonton, Alberta, September 29, 2006.
W. Neil McKay, Solicitor.
______________
Notice of Liquidation
(Business Corporations Act)
CB North Contracting Ltd.
On January 30, 2006, W.M. Mudryk Professional Corporation was appointed 
Liquidator of CB North Contracting Ltd. by the Court of Queen's Bench of Alberta.
The Liquidator requires any person,
(i) indebted to CB North Contracting Ltd., to provide a statement of account 
respecting the indebtedness and to pay to the Liquidator at the time and place 
specified below any amount owing
(ii) possessing property of CB North Contracting Ltd., to deliver it to the Liquidator at 
the time and place specified below, and
(iii) having a claim against CB North Contracting Ltd, whether liquidated, 
unliquidated, future or contingent, to present particulars of the claim in writing to the 
Liquidator not later than November 1, 2006.
Fletcher Mudryk & Co. LLP
Chartered Accountants
400 Windsor Court
9835 - 101 Avenue
Grande Prairie, AB   T8V 5V4
Phone: (780) 539-4110
Fax: (780) 532-1350
Email: wmudruk@fletchermudryk.com
18-19
______________
Notice of Liquidation and Dissolution
(Business Corporations Act)
994644 Alberta Ltd.
Notice is hereby given that 994644 Alberta Ltd. Shall, in accordance with the Order 
of the Court of Queen's Bench of Alberta, Judicial District of Calgary, granted on the 
22nd day of September 2006, and pursuant to section 214 of the Business 
Corporations Act (Alberta), liquidate and upon further application to the Court to 
approve the final accounts, take the necessary steps to dissolve.
Dean Bellotto has been appointed the liquidator of the Corporation.  Any person 
indebted to the Corporation shall provide a statement of account respecting the 
indebtedness and pay the liquidator the amount owing at Calgary, Alberta, by the 15th 
of November, 2006.  Anyone possessing property of the Corporation shall deliver it to 
the liquidator at Calgary, Alberta, by the 15th of November, 2006.  Anyone having a 
claim against the Corporation shall send proof of their claim in writing to the 
liquidator not later than the 15th day of December, 2006.  The liquidator can be 
contacted in care of his solicitors, Dawe Law Office, at #200, 1409 Edmonton Trail 
N.E., Calgary, Alberta, T2E 3K8.
19-20
Public Sale of Land
(Municipal Government Act)
City of Wetaskiwin
Notice is hereby given that under the provisions of the Municipal Government Act, 
the City of Wetaskiwin will offer for sale, by public auction, in the City Council 
Chambers, 4904 - 51 Street, Wetaskiwin, Alberta, on Tuesday, December 5, 2006, at 
10:00 a.m., the following lands:
Lot
Block
Plan
Certificate of Title
3 & 4
9A
5269KS
022 154 172
22
21
1715S
972 035 462
26
56
7722316
792 316 883
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
The City of Wetaskiwin may, after the public auction, become the owner of any 
parcel of land not sold at the public auction.
Terms: Cash or certified cheque.
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Wetaskiwin, Alberta, September 27, 2006.
Al Steckler, Manager of Finance.
______________
County of Barrhead No. 11
Notice is hereby given that, under the provisions of the Municipal Government Act, 
the County of Barrhead No. 11 will offer for sale, by public auction, at the County 
Office, 5306 - 49 Street, Barrhead, Alberta, on Wednesday, December 6, 2006, at 
2:00 p.m., the following lands:
Lot
Block
Plan
Legal Description
Acres
Certificate of 
Title
18
1
7720058

3.85
022 177 913
19
1
7720058

3.00
022 177 912



Pt. SW 30-58-1-W5M
0.30
752 039 671



Pt. NE 16-59-2-W5M
1.10
143S138



Pt. SW 5-59-4-W5M
0.67
902 289 565



NW 35-57-5-W5M
160.0
982 261 530+1



SW 35-57-5-W5M
160.0
982 261 530
Each parcel will be offered for sale, subject to a reserve bid and to the reservations 
and conditions contained in the existing certificate of title.
These parcels are being offered for sale on an "as is, where is" basis, and the County 
of Barrhead No. 11 makes no representation and gives no warranty whatsoever as to 
the adequacy of services, soil conditions, land use districting, building and 
development conditions, absence or presence of environmental contamination, or the 
developability of the subject land for any intended use by the purchaser.
The County of Barrhead No. 11 may, after the public auction, become the owner of 
any parcel of land not sold at the public auction.
Terms: Cash
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Barrhead, Alberta, September 26, 2006.
Dale Uhrbach, County Manager.
______________
Camrose County
Notice is hereby given that under the provisions of the Municipal Government Act, 
Camrose County will offer for sale, by public auction, at the County Office in 
Camrose, Alberta, on Friday, December 8, 2006, at 2:00 p.m., the following lands:
Lot Block Plan
Legal Description
Hamlet/Subdiv
C. of T.
4  6  762-1226
Pt E 1/2 35-43-22-W4M
Sherman Park
932 203 133
5  6  762-1226
Pt E 1/2 35-43-22-W4M
Sherman Park
932 203 134
6  6  762-1226
Pt E 1/2 35-43-22-W4M
Sherman Park
932 203 135
7  6  762-1226
Pt E 1/2 35-43-22-W4M
Sherman Park
932 203 136
8  6  762-1226
Pt E 1/2 35-43-22-W4M
Sherman Park
932 203 137
2      972-1565
   Pt NE 20-46-19-W4M

032 095 128
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
Camrose County may, after the public auction, become the owner of any parcel of 
land not sold at the public auction.
Terms: Cash
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Camrose, Alberta, September 15, 2006.
Steven Gerlitz, County Administrator.
______________
Clear Hills County
Notice is hereby given that under the provisions of the Municipal Government Act, 
Clear Hills County will offer for sale, by public auction, in the County Office, 
Worsley, Alberta, on Wednesday, November 29, 2006, at 11:00 a.m., the following 
lands:
Lot
Block
Plan
Legal Description
Certificate of Title
10
2
802KS

952 045 293
1
1
9822801

982 170 572
1
1
0223667

022 225 518



NE 17-87-6-W6M
892 039 561



NW 17-87-6-W6M
902 362 359



SE 17-87-6-W6M
822 173 988



SW 17-87-6-W6M
902 362 359+1



NE 9-87-7-W6M
912 299 078+1



SE 9-87-7-W6M
19D217



NW 10-87-7-W6M
762 078 298B



NW 15-87-7-W6M
762 078 298



SE 17-87-7-W6M
16E219
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
Clear Hills County may, after the public auction, become the owner of any parcel of 
land not sold at the public auction.
Terms: Cash
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Worsley, Alberta, September 18, 2006.
Ray Coad, Chief Administrative Officer.
______________
Lac Ste. Anne County
Notice is hereby given that, under the provisions of the Municipal Government Act, 
Lac Ste. Anne County will offer for sale, by public auction, in the County 
Administration Building, Sangudo, Alberta, on Friday, November 24, 2006, at 
1:30 p.m., the following lands:
Subdivision
Lot
Block
Plan
Acres
   C. of T.
Roll Number
Lakewood
35
3
782 1410
3.05
032 177 786
5302321014
Lakewood
11C

792 2940
3.16
032 265 091
5302332009
Johnson Park
26

812 0216
3.02
922 256 526
5403071026
Highland Park
20
3
5001 KS
0.25
972 148 010
5503073051
Glenevis
1, 2, 3
2
1392 BT
0.17
002 102 070
5504342030

1

992 5197
23.08
012 167 900
5603331002
Rochfort Bridge
5
3
6 CL
0.09
022 359 517+2
5707073049
Rochfort Bridge
6
3
6 CL
0.09
022 359 517+1
5707073050
Rochfort Bridge
7, 8, 9
3
6 CL
0.27
022 359 517
5707073052
Greencourt
12, 13
1
661 CL
0.28
012 041 172
5809142015

1

002 1103
32.52
002 134 880
5809204002
The land is being offered for sale on an "as is, where is" basis, and Lac Ste. Anne 
County makes no representation and gives no warranty whatsoever as to the adequacy 
of services, soil conditions, land use districting, building and development conditions, 
absence or presence of environmental contamination, or the developability of the 
subject land for any intended use by the purchaser.
No bid will be accepted where the bidder attempts to attach conditions precedent to 
the sale of any parcel.  No terms and conditions of sale will be considered other than 
those specified by the County.  No further information is available at the auction 
regarding the lands to be sold.
Terms: 10% deposit and balance within 30 days of date of public auction.  GST will 
apply on lands sold at public auction.
Each parcel will be offered for sale, subject to a reserve bid and to the reservations 
and conditions contained in the existing certificate of title.  Lac Ste. Anne County 
may, after the public auction, become the owner of any parcel of land not sold at the 
public auction.
Redemption may be effected by certified payment of all arrears and penalties and 
costs at any time prior to the public auction.
Dated at Sangudo, Alberta, September 22, 2006.
Lenard Szybunka, Municipal Administrator.
______________
Leduc County
Notice is hereby given that under the provisions of the Municipal Government Act, 
Leduc County will offer for sale, by public auction, at the County Centre, Nisku, 
Alberta, on Thursday, November 30, 2006, at 2:00 p.m., the following lands:
Lot
Block
Plan
Legal Description
Acres
Roll #



NE 05-50-22-W4M
3.00
208010



NW 24-49-23-W4M
160.00
548000
7
2
2626MC
NW 04-50-24-W4M
2.99
1020150
1
1
032 0764
NW 31-48-25-W4M
14.78
1259010



NW 04-49-25-W4M
157.43
1295000



SE 36-49-02-W5M
1.30
3263030



SE 01-49-03-W5M
1.60
3637010
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
Leduc County may, after the public auction, become the owner of any parcel of land 
not sold at the public auction.
Terms: Payment in cash, bank draft or certified cheque.  10% deposit and balance 
within 30 days.
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Nisku, Alberta, September 19, 2006.
C.D. (Doug) Wright, CD, County Manager.
______________
Starland County
Notice is hereby given that, under the provisions of the Municipal Government Act, 
Starland County will offer for sale, by public auction, in the Administration Office, 
Morrin, Alberta, on Tuesday, December 12, 2006, at 2:00 p.m., the following lands:
Lot 
Block
Plan
Hamlet
C. of T.
18
8
1009 D.C.
Craigmyle
021 220 591
19
8
1009 D.C.
Craigmyle
021 220 598
20
8
1009 D.C.
Craigmyle
021 373 199
21
1
2970 A.H.
Rowley
991 091 715
22
1
2970 A.H.
Rowley
991 091 715+1
23
1
2970 A.H.
Rowley
931 281 771
Each parcel will be offered for sale, subject to a reserve bid and to the reservations 
and conditions contained in the existing certificate of title.
The properties are being offered for sale on an "as is, where is" basis, and Starland 
County makes no representation and gives no warranty whatsoever as to the adequacy 
of services, soil conditions, land use districting, building and environmental 
contamination, or the developability of the subject lands for any intended use of the 
purchaser.
No bid will be accepted where the bidder attempts to attach conditions precedent to 
the sale of any parcel.  No terms and conditions of sale will be considered other than 
those specified by the County.  No further information is available at the auction 
regarding the lands to be sold.
Terms: Cash
Starland County may, after the public auction, become the owner of any parcel of 
land not sold at the public auction.
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Morrin, Alberta, September 25, 2006.
Ross D. Rawlusyk, Chief Administrative Officer.
______________
Vulcan County
Notice is hereby given that, under the provisions of the Municipal Government Act, 
Vulcan County will offer for sale, by public auction, in the County Administration 
Building, Vulcan, Alberta, on Thursday, December 7, 2006, at 10:00 a.m., the 
following land:
C. of T.
Qtr Sec Twp Rge Mer
Acres
Roll Number
961 271 977
SE 16-18-26-W4M
0.36
300394608
These parcels are being offered for sale on an "as is, where is" basis, and Vulcan 
County makes no representation and gives no warranty whatsoever as to the adequacy 
of services, soil conditions, land use districting, building and development conditions, 
absence or presence of environmental contamination, vacant possession, or the 
developability of the subject land for any intended use by the successful bidder.
No bid will be accepted where the bidder attempts to attach conditions precedent to 
the sale of any parcel.  No terms and conditions of sale will be considered other than 
those specified by Vulcan County.  No further information is available at the auction 
regarding the land to be sold.
Each parcel will be offered for sale, subject to a reserve bid and to the reservations 
and conditions contained in the existing certificate of title.  Vulcan County may, after 
the public auction, become the owner of any parcel of land not sold at the public 
auction.
Terms: Cash or certified cheque, 10% deposit (non-refundable to successful bidder) 
and balance within 30 days of the date of public auction.  GST will apply to all 
applicable land sold at public auction.
Redemption may be effected by payment certified payment of all arrears and penalties 
and costs at any time prior to the public auction.
Dated at Vulcan, Alberta, September 15, 2006.
Gary Buchanan, County Administrator.
______________
Municipal District of Bonnyville No. 87
Notice is hereby given that under the provisions of the Municipal Government Act, 
the Municipal District of Bonnyville No. 87 will offer for sale, by public auction, in 
the Municipal Office, Bonnyville, Alberta, on Tuesday, December 12, 2006, at 2:00 
p.m., the following lands:
Legal Description
Acres
Certificate of Title
Pt SW 33-60-3-W4M
2.64
812 290 609
NE 24-62-2-W4M
153.80
932 141 257
NW 28-63-7-W4M
159.97
832 229 151A

Lot
Block
Plan
Certificate of Title

30
1
772 0214
952 304 021
Muriel Lake
8
1
543 EO
012 283 528
Therien
1

992 5478
992 276 348
Ardmore
1 & 2
1
6724 ET
912 185 473
Fort Kent
Each parcel will be offered for sale subject to the approval of Council, and subject to 
a reserve bid and to the reservations and conditions contained in the existing 
Certificate of Title.
The Municipal District of Bonnyville No. 87 may, after the public auction, become 
the owner of any parcel of land not sold at the public auction.
Terms: Cash
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Bonnyville, Alberta, September 28, 2006.
R.A. Doonanco, Municipal Manager.
______________
Municipal District of Foothills No. 31
Notice is hereby given that under the provisions of the Municipal Government Act, 
the Municipal District of Foothills No. 31 will offer for sale, by public auction, at the 
Foothills Administration Building, High River, Alberta, on Wednesday, December 6, 
2006, at 1:30 p.m., the following lands:
Lot
Block
Plan
Legal Description
Acres
C. of T.
14
4
2326P


031 061 459
1
1
9412735

10.5
951 021 259
East halves of legal 
subdivisions 10 and 15
Pt NE 8-21-1-W5M
40
881 059 845
1

9912520


991 272 387
2

9912520


991 272 394
3

9912520


991 272 393

1
9411674

3.93
031 385 487
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
The Municipal District of Foothills No. 31 may, after the public auction, become the 
owner of any parcel of land not sold at the public auction.
Terms: Cash, money order, certified cheque.
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at High River, Alberta, September 21, 2006.
Harry Riva Cambrin, Municipal Manager.
______________
Town of Sexsmith
Notice is hereby given that under the provisions of the Municipal Government Act, 
the Town of Sexsmith will offer for sale, by public auction, in the Town Office, 
9927 - 100 Street, Sexsmith, Alberta, on Wednesday, December 13, 2006, at 1:30 
p.m., the following land:
Lot
Block
Plan
C. of T.
4A
2
802-1481
982 183 173
The parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
The Town of Sexsmith may, after the public auction, become the owner of any parcel 
of land not sold at the public auction.
Terms: Cheque for 10% of bid price to accompany bid.  Balance to be paid within 14 
days of sale.
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Sexsmith, Alberta, September 28, 2006.
Carolyn Gaunt, CAO.
______________
Village of Holden
Notice is hereby given that under the provisions of the Municipal Government Act, 
the Village of Holden will offer for sale, by public auction, in the Village Office, 
4810 - 50 Street, Holden, Alberta, on Wednesday, November 29, 2006, at 10:00 a.m., 
the following lands:
Lot
Block
Plan
C. of T.
32
11
3940W
002 197 438
Each parcel will be offered for sale subject to a reserve bid and to the reservations and 
conditions contained in the existing Certificate of Title.
The Village of Holden may, after the public auction, become the owner of any parcel 
of land not sold at the public auction.
Terms: Cash
Redemption may be effected by payment of all arrears of taxes and costs at any time 
prior to the sale.
Dated at Holden, Alberta, September 20, 2006.
Christine B. Mackay, Chief Administrative Officer.







NOTICE TO ADVERTISERS
The Alberta Gazette is issued twice monthly, on the 15th and last day.
Notices and advertisements must be received ten full working days before the 
date of the issue in which the notices are to appear. Submissions received after 
that date will appear in the next regular issue.
Notices and advertisements should be typed or written legibly and on a sheet separate 
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Proof of Publication: Statutory Declaration is available upon request.
A copy of the page containing the notice or advertisement will be mailed to each 
advertiser without charge.
The dates for publication of Tax Sale Notices in The Alberta Gazette are as follows:
 
Issue of
Earliest date on which 
sale may be held
November 15
December 22
November 30
January 10


December 15
January 25
December 30
February 9


January 13
February 23
January 31
March 13


February 15
March 28
February 28
April 10


March 15
April 25
March 31
May 11


April 14
May 25
April 30
June 8
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THE ALBERTA GAZETTE, PART I, OCTOBER 14, 2006

- 888 -

THE ALBERTA GAZETTE, PART I, AUGUST 15, 2005
- 1 -