| 19(1) | File No. 5-9740 |
| A.B. Adler | |
| (613) 957-8962 |
April 9, 1990
Dear Sirs:
This is in reply to your letter dated March 6, 1990 in which you requested our views concerning the eligibility for a registered retirement savings plan or a registered retirement income fund.
As indicated in paragraph 23 of our Information Circular No. 70-6R we do provide written opinions with respect to proposed transactions. However, we are prepared to provide you with the following general responses to your two questions.
In our view the listing of only one class of its shares by a mortgage investment corporation ("MIC") on a prescribed stock exchange in Canada where the MIC has two or more classes of shares that have been issued would not, in itself, preclude its proposed debt instruments from otherwise qualifying under paragraph 4900(1)(i) of the Regulations.
Although 24(1) paragraph 4900(1)(i) of the Regulations requires the listing of a Canadian corporation's shares or of the shares of certain other corporations on a prescribed stock exchange in Canada.
Should you wish to pursue any of these issues further we suggest that you request a ruling.
We trust that our comments will be of assistance to you.
Yours truly,
for Director Financial Industries Division Rulings Directorate