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Gold/Mining/Energy : JAVA GOLD
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To: Bobby Yellin who started this subject9/2/2000 4:36:42 PM
From: robingrayson   of 121
 
FAILED TO SATISFY 'RESIDENT CANADIAN' REQUIREMENT, & FAILED TO REPORT
Andrew Chater (then Director) and Armand Beaudoin (then Director) are criticised in The JVAG Report for breach of Section 105, Subsection 3 of the Canadian Business Corporations Act:

"A majority of the directors of a corporation must be resident Canadians."

This law was complied with until the resignation of Gary German (Director, resident Canadian) who was not replaced (nor was his resignation announced) thus leaving only Andrew Chater as 'Director, resident Canadian' - Armand Beaudoin was CANADIAN but NOT 'resident Canadian'. The JVAG Report is critical of Andrew Chater and Armand Beaudoin for not appointing a replacement 'resident Canadian', and for not informing shareholders and regulators that the Corporation was in breach.

The subsequent resignation of Andrew Chater on 22nd January 1999 left NO RESIDENT CANADIANS, only Armand Beaudoin. The JVAG Report is critical of Armand for not organising replacements.

Anyone who made an investment decision regarding JVAG stocks after Nov/Dec 1998 in the belief that the Board of Directors was compliant with the law, may have a claim and should seek appropriate professional legal advice.

Robin Grayson
Author of JVAG Report
General Director of Eco-Minex International Co Ltd
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