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The Huron Expositor, 1983-12-14, Page 1751 THE HURON EXPOSITOR. DECEMBER 14. 1903 — *17 SliEr Rlln Etf vl Special! effective from Wed. Dec. 14 till closing Tues. Dec. 20 Ontario Grown1 . 1MncsmMI PEANUTS PIE FIL G 1.29.. STRAWBERRY JAM SEAFORTH BUSINESSES and organiza- tions entered floats in the annual Santa Claus parade on Saturday. Marlen Vincent and his gang entered their Vincent Farm equipment float, top photo and kids dressed in decorated boxes show that Christmas is tor giving, right photo. New rules proposed for trust companies BY JACK RWDOL MPP A year has passed sincer`the Ontario Government's seizure of three firms in- volved in a controversial, 5500 million flip sale of some 11.000 Toronto apartment units. . Now the Government has tabled a White Paper in the Ontario Legislature which proposes tough restrictions on loan and trust companies operating in the province to avoid a repetition of last year's trust company incident. The White Paper contains numer- • ous recommendations for revamping and tightening regulatory control of the industry including: -The minimum capital for incorporation (now Sl -million for both loan and trust firms) should be increased to $2 -million for loan companies and S}0 -million for trust compan- ies. -Each company starting in business should be allowed to act only as a loan corporation. It would be allowed to assume fiduciary and other trust powers only after it "demonstrates its capability," meets finan- Christmas time is conservation time Christmas time is family time- It's also the time for cheery Christmas lights and a 200 megawatt boost in our electricity demand. Holidayindoor and outdoor lighting increases province -wide electricity demand by more than 200 megawatts - that's enough electricity to meet the peak demand of�a community the size of St. Catharines. However. there are many ways to conserve during the energy hungry holiday season. Manufacturers of Christmas fights have done a lot in recent years to help conserve energy. Mode,rn outdoor lights, rated about 'seven watts, use 30 per cent less electricity than do older types. Modern indoor lights also use less, whether you use the standard size of one to two watts or the miniature lights which burn about ten watts for an. entire string. If you're buying new lights this year, check the power consumption rating - you may be buying the older lights which consume more electricity and cost you more to operate. Lighting can be enhanced by using non-metallic reflective decorations where possible. Christmas lights will also burn brighter if they are leaned before use, and you can use fewer of them for the same effect. Relamp existing string sets with new. lower wattage bulbs. Place the Christmas tree near a window to make it an outdoor as well as indoor decoration. This can even replace the traditional outside lighting which is more expensive. Turn on exterior lights only during prime time viewing. , that is. between seven and bedtime. Winter driving: Extra caution Rain. snow or ice covered roads are no fun to tackle if you're a driver. They can throw you for a rig toss. Driving in adverse weather requires extra caution and keen driving skills. One of the greatest hazards of driving on wet or snow covered pavement is the lack of traction. There are many things a good driver can do to prepare for the unexpected stop or the unwanted skid. says the Ontario safety League. Adjust your speed. On wet pavement at 30 km h..it takes from three to 12 times longer to stop your vehicle than on dry pavement. Get the feet of the road. Occasionally. try your brakes or gently press the accelerator while the t afftc is light. If the wheels slide or spin. reduce speed. Keep well behind the vehicle ahead. You'll need the extra room in case of an emergency, so increase your following distance. If a skid does occur. turn your wheel in the direction of the skid in order to head the vehicle back on course: Turn just enough to correct the skid - and be prepared for a second skid in the opposite direction. This takes a lot of practice - practice that we rarely get. So remember. caution is the best defense against adverse weather --in starting as well as stopping. Recognize poor driving conditions and adjust your speed accordingly. Board of Ed will hold public meeting The first public meetings for reviewing accommodation at three Huron County public schools have been set for January. The Huron County Board of Education set aside three days in January in which board officials and the public will have an opportunity to discuss the situation at the schools. The dates were set at the board's Dec, 5 meeting. The school accommodation review process starts once a school's enrolment gets below a certain number of students. A committee made op of representatives of the public will be involved in the process. The end result could be the eventual closing of the three schools. but director of education Robert Allan has said that the decision to dose a school may not necessarily be taken The first meeting will be held on Tuesday, Jan. 17 at Vanastra Public School. The second meeting is scheduled fur Tuesday, Jan. 24 at Hensafl Public School and the third meeting is slated for Tuesday, Jan. 31 at J.A.D. McCurdy Public School in Huron Park. The meetings, being held at the three affected schools, are expected to start at 8 p.m. dal requirements and is approved by the registrar. -A new commissioner of financial institu- tions should report directly to the Minister. advise on policy, act as a watchdog for the public interest and hear appeals of decisions by the registrar. -A new assistant deputy minister should be responsible for the administration of all ministty branches regulating financial insti- tutions, and the registrar should be separate from the superintendent of insurance. -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 incorpor- ated federally or in other provinces. The White Paper does not recommend any limits - on share ownership. -Trust and loan companies should be prohibited 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 invested m real estate. -Companies should be able to increase their commercial lending to 15 per tent of their assets (now 7 per cent) provided ••they have demonstrated over a period of years their capability to handle this type ,af -The powers and functions of every loan and trust company should be reviewed annually. r • -Companies should have to establish audit and investment committees (consisting of a majority of outside directors) 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 forfailure to disclose personal conflicts of interst in any transaction involving their companies. -All trust and loan companies should be required to report certain monthly financial information through a computerized report- ing 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 'internal review committee which examined the administration, and regulation of finan- cial institutions by his Ministry. In the Legislature, Liberal Leader David Peterson described tt},e internal review as "a damning 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 financiainstitutions. Why is it 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 Insurance Corpora- tion. The Government was accused by the Opposition of a five-month cover-up, be- cause the review. released on November' 15th, was dated in June. The study stated that -those who oversee Ontario's multi -billion -dollar loan and trust company industry now rely on "moral • suasion (and) the integrity of -the companies' • officials to conduct loan and trust business with consideration for the protection of public deposits-" Staff time was "consider ably under-utilized" on the regulators' prime function of examining company compliance with the act and "a deterioration of the reporting and directing responsibili- ties" was observed within the Financial Examination Services Branch. ^-,w y l ` ea • • ., ,35x, �FF ,. .. ..',- �:' 9 .,...- E • Wish this and coming SUBSCR she .mar•-- them Happiness Holiday Season �• throughout the year with a "A gift that keeps on giving 31luron 527-0240 --.._ ` .r- : !' { ;::;:••:-.::-.,.:,...1....?,}:' 'E S„..._w,C . 4 �t� - :•.'int.. x r- , �� � �Y �•:::. Y ' ,t- � : - r. a .11 : I �: �`` ‘_p- ..: - art; % ��. y;:}I;`�: P 0 all year long." ' ,«bcpositor 1.09.. .9 M lb.. NIARIICNINO CHERRIES 1.49.. Cocoa BAKING CHIPS - 1.19,,. MIXED NUTS with Peanuts 2.29.. PRETZEL STICKS 1.39b.. BREAD STUFFING 1.19: Canada No. 1 PURE HONEY .89p_ CHRISTMAS MOLDS a , CANDY MAKING SUPPLIES AVAILABLE OUR LARGE - ALL SELECTION OF THE CHRISTMAS CANDY SCOOPING! AND•NUTS Monday to Friday -Open 9 a.m. to 5:30 p.m.—Saturday-9 a.m. toy p. Open Thursday and Friday Nights Until 9 p.m. ti ilk "%AIN SlittEr. Product of Holland Product of Denmark MEDIUM GOUDA CREAM CHEESE 3.99e 7 Flavours 3.59.. Product of West Germany SELECT CAMEMBERT 125 g pkg. Dutch Style MEAT LOAF 1.49_. 2.59b. HILLE'S SPECULAAS 400 g pkg. WE MAKE CHEESE TRA YS FOR ALL OCCASIONS 1.29_ CHEESE GIFT BOXES ALSO AVAILABLE!