Androcan Inc. - August 15, 2006

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”)

AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of the Androcan Inc. Senior Officer’s Pension Plan , Registration Number 0577635.

TO:

Androcan Inc.
50 Bartor Road
Weston, ON M9M 2G5

Attention: Fred Ross
                 Vice-President

NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment, out of Androcan Inc. Senior Officer’s Pension Plan (the “Plan”), Registration Number 0577635 to Androcan Inc., in the amount of $39,094 as at December 31, 2004 plus interest and adjustments to the actual date of payment.

REASONS:

  1. Androcan Inc. is the employer as defined in the Plan.

  2. The Plan was wound up, effective December 31, 2004.

  3. As at December 31, 2004 the surplus in the Plan was estimated at $39,094.

  4. The Plan provides for payment of surplus to the Employer on the wind up of the Plan.

  5. The application discloses that by written agreement made by the Employer, and the sole active member, the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed to the employer.

  6. The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O. 1990 (Regulation), for consent of the Superintendent of Financial Services to the payment of 100 % of the surplus in the Plan.

  7. The application appears to comply with sections 78 and 79(3) of the PBA and with sections 8(1)(b), 28(5) and 28(6) of the Regulation.

  8. Such further and other reasons as come to my attention.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.

YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone at
416- 590-7294, toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.

DATED at Toronto, Ontario, this 15th day of August , 2006.

K. David Gordon
Deputy Superintendent, Pensions


*NOTE—PURSUANT to section 112 of the Act any notice, order or other document is sufficiently given, served, or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served, or delivered on the seventh day after mailing.


 
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