TEMPORARY CEASE AND DESIST ORDER

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TEMPORARY CEASE AND DESIST ORDER Powered By Docstoc
					              Superintendent of                                   surintendant des
              Financial                                           services
              Services                                            financiers



              REGARDING FIRST LONDON SAVINGS & LOANS INC.
              a.k.a. FIRST LONDON SAVINGS AND LOANS, AND
              ROBERT VANIER

              AND REGARDING THE LOAN AND TRUST
              CORPORATIONS ACT, R.S.O. 1990, CHAPTER L.25 (“the
              Act”)

              AND REGARDING AN APPLICATION FOR AN ORDER OF THE
              SUPERINTENDENT OF FINANCIAL SERVICES PURSUANT TO
              SECTION 192 OF THE ACT


                       TEMPORARY CEASE AND DESIST ORDER


        Section 192 of the Loan and Trust Corporations Act, R.S.O. 1990 Chapter L.25,
(the "Act") as amended, provides that where, in the opinion of the Superintendent, a
registered corporation or other person is committing any act or pursuing any course of
conduct that does not comply with the Act or the regulations, or might reasonably be
expected, if continued, to result in a state of affairs that would not be in compliance with the
Act or the regulations, or constitutes a practice which might prejudice or adversely affect
the interests of depositors, the Superintendent may make a temporary order ordering the
registered corporation or other person to cease doing any act or to cease pursuing any
course of conduct identified by the Superintendent or to perform such acts as in the
opinion of the Superintendent are necessary to remedy the situation;

      The Superintendent is of the opinion that First London Savings & Loan Inc., also
known as First London Savings and Loans, (“FLSL”) and Robert Vanier (“Vanier”) are not
complying with the requirements of section 213 of the Act for the following reasons:

1.	    FLSL is not a registered loan or trust corporation under the Act or under the federal
       equivalent;

2.	    FLSL is conducting, undertaking or transacting in Ontario the business of a loan
       corporation by borrowing money from the public by receiving deposits and lending
       or investing such money, in contravention of subsection 213(1) of the Act;

3.	    FLSL is soliciting the business of a loan corporation by inviting the public to lend
       money to FLSL by depositing such money with FLSL, which FLSL will lend or
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Temporary Cease and Desist Order 	                                                        Page 2




        invest, in contravention of subsection 213(6) of the Act;

4.	     Vanier is causing, authorizing or permitting FLSL to conduct, undertake or transact
        in Ontario the business of a loan or trust corporation by receiving deposits and
        lending or investing such money, in contravention of subsection 213(1).

5.	     Vanier is causing, authorizing or permitting FLSL to solicit the business of a loan
        corporation by inviting the public to lend money to FLSL by depositing such money
        with FLSL, which FLSL will lend or invest, in contravention of subsection 213(6) of
        the Act;

       Subsection 192(3) provides that where in the opinion of the Superintendent the
interests of the depositors or the public may be prejudiced or adversely affected by any
delay in the issuance of a permanent order, the Superintendent may make a temporary
order which shall take effect immediately on its making and which shall become permanent
on the fifteenth day after its making unless within that time a hearing before the
Superintendent is requested.

       As FLSL may be continuing to solicit and/or accept deposits from the public, the
Superintendent is of the opinion that the interests of the depositors or the public may be
prejudiced or adversely affected by any delay in the issuance of a permanent order.


THE SUPERINTENDENT HEREBY ORDERS THAT:

1.	     FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL
        or Vanier shall cease conducting, undertaking or transacting in Ontario the business
        of a loan corporation by receiving deposits from the public and lending or investing
        such money;

2.	     FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL
        or Vanier shall cease soliciting the business of a loan corporation by inviting the
        public to lend money to FLSL, by depositing such money with FLSL, which FLSL
        will lend or invest;

3.	     FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL
        or Vanier shall deliver up to a representative of the Superintendent copies of all
        business records including but not limited to, lists of the names of all investors, the
        amounts received from each investor, the bank accounts where all the deposits are
        invested, and all such other records and documents as are requested;

4.	     FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL
        or Vanier shall not destroy, discard or in any way relinquish control of any business
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Temporary Cease and Desist Order 	                                                       Page 3




        records or any other documents in any way related to FLSL; and

5.	     FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL
        or Vanier shall take all action, or cause all such action to be taken, to preserve all
        existing funds, deposits, securities or assets and to regain control of any funds,
        deposits, securities or assets from any person, to refrain from dealing with all such
        funds, deposits, securities or assets and to hold all such funds, deposits, securities
        or assets in trust for the Superintendent pending further Order of the
        Superintendent, the Financial Services Tribunal, or the Superior Court of Justice.


       TAKE NOTICE that you may within fifteen (15) days of the date of this Order make
a request in writing to the Superintendent for a Hearing pursuant to subsection 192(3) of
the Act. Your request should be directed to:


        Superintendent of Financial Services

        Financial Services Commission of Ontario

        17th Floor

        5160 Yonge Street

        Toronto ON M2N 6L9


        Attention:       Rhonda Booth
                         Registrar 

        Tel:             416-226-7752

        Fax:             416-226-7750


DATED at the City of Toronto on the 12th day of October, 2004.




___________________
Bryan P. Davies
Superintendent of Financial Services



TO:              Robert Vanier
                 396 Queens Avenue, Suite 103
                 London Ontario N6B 1X7

AND TO:          First London Savings & Loans & Loans Inc.
                 396 Queens Avenue, Suite 103
                 London Ontario N6B 1X7