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Lindsay Electronics Inc. - August 30, 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 of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting the Pension Plan for Bargaining Unit Employees of Lindsay Electronics Inc., Registration Number 373910
TO:
Sharon Carew
PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One Robert Speck Parkway
Suite 1100
Mississauga ON L4Z 3M3
Administrator
AND TO:
Ralph J. Russell
Controller and Chief Financial Officer
Lindsay Electronics Inc.
50 Mary Street West
Lindsay ON K9V 2N6
Employer
AND TO:
Ira Smith
Ira Smith Trustee & Receiver Inc.
4711 Yonge Street, Suite 1105
Toronto ON M2N 6K8
Trustee in Bankruptcy
AND TO:
Wes Dowsett
Staff Representative
United Steelworkers of America
Local 974
115 Albert Street
Oshawa ON L1H 4R3Union Representative
ORDER
NO request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the Act respecting a Notice of Proposal to make an Order to wind up the Pension Plan for Bargaining Unit Employees of Lindsay Electronics Inc. (the “Plan”).
IT IS THEREFORE ORDERED that the Plan be wound up in full effective December 2, 2005 for the following reasons:
The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).
DATED at Toronto, Ontario, this 30 day of August, 2006
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services
Financial Services Commission of Ontario