News
Annual Meeting of Community Economic Development Investment Funds09.25.2006
The meeting was well-attended, although an informal count indicated a smaller number of persons than last year. The day began with a meet & greet and coffee, tea and muffins, with the meeting starting on schedule at 9:30AM.
An introduction of the agenda and a review of the past twelve months activity was provided by Chris Payne.
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The Nova Scotia Securities Commission was well-represented by Bill Slattery, Donna Gouthro and Frank Mader (the CEDIF team) who provided an overview of their roles and responsibilities and offered suggestions to make the process run smoother for all involved.
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Kevin Redden of Nova Scotia Finance presented changes to the regulations with respect to hold period, provincial guarantee and rollovers, process for Funds seeking rollovers, impact on existing Funds and transition rules.
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Darrell Evasuk of Concentra Financial discussed Concentra's escrow requirements for a new fund, requirements for setting up a new group RSP plan, and administration requirements once sales commence and after sales close. Darrell will also speak to when a CEDIF should approach the local office (Dartmouth) and costs.
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Ron Skibbens, Director of Cooperatives reviewed requirements for annual meetings of members, minimum size for the Board (CEDIF minimum is 6), annual filings to Coops branch and procedures for passing resolutions to change bylaws/buy/borrow/redeem shares at below market value, etc.
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Alex B. Dunlop, CAIB, Client Manager, Anthony The Risk Managers, spoke about Directors and Officers Liability Insurance, when it should be sought and things to look for in your coverage.
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Bob Ingles (NCII) and Bruce MacDonald (VCI) discussed their experiences with Canada Revenue Agency and offered suggestions. It was also suggested that this would be a good area for the Association to represent Funds.
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