The URL can be used to link to this page

Home My WebLink AboutThe Goderich Signal-Star, 1983-12-07, Page 27Beta Theta Chapter of the Beta Sigma Phi Sorority held its Ritual of Jewels pledge ritual for new members recently. The new members are, back row, left to right, Cathi Hubick, Susan Cummings, Sheryl Gilbert and Diann Kellestine; and front row, left to right, Pat Brown, Florian Craig, Karen Moore and Carol Kuipers. Absent for photo was Theresa Kloepfer. ( Photo by Joanne Buchanan) The Exemplar Xi Delta Epsilon Chapter of Beta Sigma Phi Sorority recently donated $250 to the Huron County Christmas Bureau operated by Family and Children's Services. This money represents part of the profits from the Sorority's Ladies' Night Out event. Sheila McCaffery, acting local director of FACS, is seen here accepting the cheque from Eleanor Larder, the Chapter's service chairman and Linda Rotteau, Chapter president. At right is Audrey Royal, volunteer co-ordinator of the county's Christmas Bureau this year. (Photo by Joanne Buchanan) Tough restrictions proposed for trust companies BY JACK RIDDELL, MPP A year has passed since the Ontario government's seizure of three firms involv- ed in a controversial $500 -million flip sale of some 11,000 Toronto apartment units. Now the government has tabled a White Paper in the Ontario Legislature which pro- poses tough restrictions on loan and trust companies operating in the province to avoid a repetition of last year's trust com- pany incident. The White Paper contains numerous recommendations for revamping and tightening regulatory control of the in- dustry, including: - The minimum capital for incorporation (now $1 -million for both loan and trust firms) should be increased to $2 -million for loan companies and $10 -million for trust companies. - Each company starting in business should be allowed to act only as a loan cor- poration. It would be allowed to assume fiduciary and other trust powers only after it "demonstrates its capability," meets financial requirements and is approved by the registrar. - A new conunissioner of financial in- stitutions should report -directly to the Minister, advise on policy, act as a wat- chdog for the public interest and hear ap- peals of decisions by the registrar. - A new Assistant Deputy Minister should be responsible for the administration of all ministry branches regulating financial in- stitutions, and the registrar should be separate from the superintendent of in- surance. - A separate investigative unit should be established within the financial institutions branch. - The amendments giving the registrar the power to approve the transfer of more than 10 per cent of a company's shares should be extended to all loan and trust companies in Ontario, including those that are incor- porated federally or in other provinces. The White Paper does not recommend any limits on share ownership. ' - Trust and loan companies should be pro- hibited from owning more than 10 per cent ( the limit is now 20 per cent) of the shares of another corporation. - Companies should not be permitted to have more than 10 per cent of their assets in- vested in real estate. - Companies should be able to increase their commercial lending to 15 per cent of their assets (now seven per cent i provided "they have demonstrated over a period of years their capability to handle this type of lending." - The powers and functions of every loan and trust company should be reviewed an- nually. - Companies should have to establish audit and investment committees r consisting of a majority of outside directors I which would review financial records and investment decisions. In addition, the province's registrar should have prior approval of all appointments of chief executive officers and chief financial officers in these companies. - Directors or officers of companies should face fines of up to $100,000 for failure to disclose personal conflicts of interest in any transaction involving their companies. - All trust and loan companies should be required to report certain monthly financial information through a computerized repor- ting system that would provide "an early warning system for variations, exceptions and potential problem areas." The Minister of Consumer and Commer- cial Relations also tabled the report of an in- ternal review committee which examined the administration and regulation of finan- cial institutions by his Ministry. in the Legislature, Liberal Leader David Peterson described the internal review as "a damn- ing indictment" of the Ministry's failure to protect the public interest. "We have had in the past 15 years in this province somewhere over 10 collapses or near - collapses of financial institutions. Why is it QUI ®EN'S PARK that the processes were not in place?" He added that the trust companies affair has cost taxpayers about $500 million through payments made by the Canada Deposit In- surance Corporation. The Government was accused by the Opposition of a five-month cover-up, because the review, released on November 15, was dated in June. The study stated that those who oversee Ontario's multi -billion -dollar loan and trust called upon the Ontario Attorney General, company industry now rely on "moral sua- Roy McMurtry, to seek the support of other sion (and) the integrity of the companies' of- Provincial Attorneys General in the fight ficials to conduct loan and trust business with consideration for the protection of public deposits." Staff time was "con- siderably under-utilized" on the regulators' prime function of examining company com- pliance with the act and "a deterioration of the reporting and directing responsibilities" was observed within the Financial Ex- amination Services Branch. Hate literature Opposition Leader David Peterson has called upon the Federal Government to amend Criminal Code provisions dealing with hate literature to allow prosecution of "known purveyors of hate". He has also against such hate literature. "The purveyors of hate in Ontario are known to authorities," he said, "but there is no available civil remedy in Ontario against the distributors of hate propaganda". The Federal Justice Minister has acknowledged the "inadequacy" of the pre- sent law and hopes to proceed with legislative amendments in the near future. David Peterson has conceded that the question of responsibility for action is a dif- ficult one "because it necessarily entails placing limits on one of the very cor- nerstones of our free democratic way of life - the freedom of expression." 5Different Ways To coi) Beautify YofiN ur Walls Foi The Holiday Season Ahead 1 /•' • A SUPER VALUE! li Saves time; 1 panel is equivalent to 100 regular 1 size tiles. ,i,, PERFECT FOR KITCHEN, ''BATH AND LAUNDRY ROOM SETTINGS. 4'x8' panels with the �,�, look and feel of high - DEPT 129 fashion"ceramic tiler Stain, Scratch & Moisture Resistant! L88 EA. RIVIERA OR AZTEC PATTERNS The Beauty of Real Wood! KNOTTY PINE PICKWICK Paneling Reversible to show attractive V -Joint pattern. Pieces are it full 14" thick and come in bundles 8 Leet long with a few nested shorts Dept 044 1x6-8' BUNDLE ONLY 19.95 1x8-8' BUNDLE ONLY 26.95 The 1x6-8' bundles cover approx 24 sq. ft. The t x8-8' bundles cover approx 32 sq. ft. INTERIOR WALL & CEILING TEXTURE Whipped cream textured ROL- TEX is quick & easy to apply Our Reg 14 95 GALLON PAIL 3Sa. 0ve 11.95 INTERIOR m EXTERIOR LATEX PAINT A quality latex that.s also ideal as +a primer for that new drywall WHITE 1334' OUR REG. 7.991 4•LITRE PAIL With 71/7 Hi Pile Or Lo Pile Sleeve 1 3E RESISTANT 4'x8' GYPSUM DRYWALL 1/2Thick REM E)' E. V. l :.111 1111 iPJ1, mit (AVE 0 E XIST ING VJAI I `; • f. r.{ I \',i ', lin you him,' CARRY HOME PRICE EACH .29 CASHWAY surtDIN cr OPEN MONDAY TO FRIDAY 8:00 AM -5:30 PM GODERICH vr3A SATURDAYS 155 ANGLIIISEA ST. S 8:30 AM -5:00 PM PHONE 5244-8382/8383 ARE DELIy RYA YOUR ATWOOD MAIN ST. 356-2214 1 ERI 1 v GODERICH SIGNAL -STAR, WEDNESDAY. NOVEMBER 30, 1983—PAGE 11A JANA NATURAL FOODS AS C'EEN SOL I wish to express my deepest and heartfelt thanks to all the customers who have patronized my store during the past 4 years. Thank you for your encouragement and support. I would also like to thank: My employees: Rhonda, Sharon, Carla, Paull, Ronnie and especially.Jan for all the laughter; My friends for their emotional support and confidence; My family for their patience; Katimavik No.. 26, Wanda, Marie, Josie, Dave, Paul and especially Ken for making my last 3 weeks so great and my kids for hangin' in. Best Wishes And Good Luck To The New Owner Eileen Lang Sincerely Judi McMichael Jana Natural Foods 75 HAMILTON ST. GODERICH Phone 524-7561 1 won! FROM •TRIANGLE! iy 21. P -,•HOLIM Add savings to your Christmas list when you shop with us. Continues until December 6 OUR 14 STORE BUYING POWER SAVES YOU MORE! WINDSONG Spray Cologne 42 ML. Pen or Pen & Pencil Sets Brut 33 Gift Sets STICK DEODORANT & SPLASH ON ONLY $499 250, OFF $49 ■ Brut 33 Gift Sets SPRAY DEODORANT & SPLASH ON $4,99 Babe Travel Sachet Gift Set Christmas Gift Wrap 10 ROLLS 26" X 500" $999 299 ASSORTMENT OF BOXED Christmas Cards Christmas Bows 25 IN A BAG 10 SHEET Christmas Gift Wrap OLD SPICE After Shave 125 ML. 251 99° 99° $379 $129 .$499 $799 PLANTERS Cocktail Peanuts SMILES NCHUCKLES "Elegante" Chocolates LADY CHARLESCRAFT Hair Curler Scotch Tape 12 MM x 25 M Magic Tape 12MMx15M 350 G. 600 G. Aqua Velva Gift Set 65° $329 LOVING CARE Hair Colour LOTION $329 SILKIENCE 300 ML. PLUS 100 ML. FREE Shampoo or Conditioner LADIES' OR MEN'S Digital Watches $199 ■ ONLY $599 1PRICE OND DISCON'LY6, 135 2PH0T0 FINISHING NOV. 23 TO DEC. 6 TRI/\N L3 LE DISCDUNT.„,a 172 THE SQUARE, GODERICH MAIN CORNER, CLINTON MAIN CORNER, SEAFORTH