| THE REAL ESTATE BROKERS ACT | ) |
Order No. 2567 |
) |
||
| SECTION 62 | ) |
December 6, 2006 |
6C DOMINICAN CORPORATION
WHEREAS:
(A) Application has been made to The Manitoba Securities Commission (the "Commission") by 6C Dominican Corporation (the "Applicant") for an order pursuant to section 62 of The Real Estate Brokers Act (the "Act") exempting the Applicant from the requirement to use a prospectus to trade in a limited number of units of a condominium project being constructed in the Dominican Republic.
(B) The Applicant has represented to the Commission that:
1. The Applicant is a corporation incorporated in the Dominican Republic;
2. William Bradford Munn ("Munn"), a licensed real estate agent and one of the owners of the Applicant, resides in Brandon Manitoba;
3. The Applicant is the registered owner of a 24 unit condominium project known as Club Paradise that is presently under construction in Cofresi, Puerto Plate, Dominican Republic (the "Property");
4. The Applicant proposes selling 9 units of the Property to residents of Manitoba (each being a "Purchaser");
5. Each Purchaser is a friend, family member or business associate of Munn;
6. Each Purchaser is aware of his or her responsibility to independently conduct due diligence, including obtaining independent legal advice, with respect to whether to purchase a unit of the Project;
7. Without this order the Applicant would be required to prepare and file a prospectus with the Registrar under the Act to permit the trading of units of the Project to residents of Manitoba.
(C) The Commission is of the opinion that it is not contrary to the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to Section 62 of the Act, the Applicant is exempt
from the provisions of section 51, 52 and 53 of the Act with respect
to trades of units of the Project to each Purchaser, subject to the condition
that each Purchaser:
i. Receives a copy of this order;
ii. Is advised it is the responsibility of the Purchaser to determine
whether to purchase a unit in the Project and that the Commission has
in no way passed on the merits or feasibility of the Project;
iii. Is advised the protections of the Act that would otherwise be available
to a purchaser under a prospectus do not apply to the purchase of a unit
in the Project; and
iv. Files a written acknowledgement with the Registrar confirming items "i" through "iii" above
have been satisfied.
2. The fee for this order is $550.
BY ORDER OF THE COMMISSION
Director - Legal