Dynasty Motorcar Corporation - s. 144

Order

Headnote

Cease trade order revoked where issuer has remediedits default in respect of disclosure requirements under theAct.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.,ss. 127, 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990. c. S.5. AS AMENDED

(THE ACT)

AND

IN THE MATTER OF

DYNASTY MOTORCAR CORPORATION

 

ORDER

(Section 144)

WHEREAS the securities of DYNASTY MOTORCARCORPORATION (Dynasty) are subject to a Temporary Order (theTemporary Order) of the Director made on behalf of the OntarioSecurities Commission (the Commission), pursuant to paragraph2 of subsection 127(1) and subsection 127(5) of the Act, onNovember 30, 2001, as extended by further order of the Directoron December 12, 2001 on behalf of the Commission pursuant tosubsection 127(8) of the Act, that trading in the securitiesof Dynasty cease (collectively, the Cease Trade Order);

AND WHEREAS Dynasty has applied to theCommission for revocation of the Cease Trade Order pursuantto section 144 of the Act;

AND UPON Dynasty having represented tothe Commission that:

1) Dynasty is a reporting issuer in the Provincesof British Columbia, Alberta, Manitoba and Ontario.

2) Dynasty was originally incorporated underthe name of Enerex Resources Ltd. under the laws of BritishColumbia on July 25, 1977 and changed its name to DynastyMotorcar Corporation on June 2, 2002. On November 29, 2002Dynasty Motorcar Corporation was amalgamated with its whollyowned subsidiary, Dynasty Motorcar (Canada) Corporation, underCertificate of Amalgamation No. 659409 and continued underthe name Dynasty Motorcar Corporation.

3) The authorized capital of Dynasty is 100,000,000common shares of which 20,269,761 common shares are issuedand outstanding.

4) The Cease Trade Order was issued by reasonof the failure of Dynasty to file with the Commission interimfinancial statements for the three-month period ended August31, 2001 (the Financial Statements) as required by the Act.

5) Dynasty was unable to file the FinancialStatements due to financial difficulties.

6) Dynasty filed the Financial Statementswith the Commission on November 25, 2002.

7) Except for the Cease Trade Order, Dynastyis not in default of any requirements of the Act or the regulationsmade thereunder.

8) Dynasty was subject to cease trade ordersissued by the Alberta Securities Commission on December 21,2001, the Manitoba Securities Commission on July 19, 2002and the British Columbia Securities Commission on November22, 2001, all of which have been revoked.

9) The common shares of Dynasty are listedon the TSX Venture Exchange, although trading has been suspended.Dynasty has made application to the TSX Venture Exchange tohave the suspension lifted.

AND UPON considering the applicationand the recommendation of Staff of the Commission;

AND UPON the Director being satisfiedthat to do so would not be prejudicial to the public interest;

IT IS ORDERED pursuant to section 144of the Act that the Cease Trade Order be revoked.

May 26, 2003.

"John Hughes"