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Ballot 58 – Operational Existence Through Parent Subsidiary

Ballot 58 – Operational Existence Through Parent Subsidiary (Passed Unanimously)

Motion

Jeremy Rowley made the following motion, and Tony Berman and Rich Smith endorsed it:


Motion begins


Effective immediately,


Erratum begins


Replace 10.5.1 following:

“10.5.1 Verification Requirements

If the Applicant has been in existence for less than three years, as indicated by the records of the Incorporating Agency or Registration Agency, and is not listed in either the current version of one QIIS or QTIS, the CA MUST verify that the Applicant has the ability to engage in business.”

With:

“10.5.1 Verification Requirements

If the Applicant, or a Parent or Affiliate of the Applicant, has been in existence for less than three years, as indicated by the records of the Incorporating Agency or Registration Agency, and is not listed in either the current version of one QIIS or QTIS, the CA MUST verify that the Applicant has the ability to engage in business. In other words, if the Applicant is a Subsidiary or Affiliate of an entity that the CA verified as in existence for three or more years, then the CA MAY rely on the existence of the Parent or Affiliate as verification of the Applicant’s operational existence.”


Erratum ends


The ballot review period comes into effect at 2100 UTC on 25 Mar ’11 and will close at 2100 UTC on 1 Apr ’11. Unless the motion is withdrawn during the review period, the voting period will start immediately thereafter and will close at 2100 UTC on 8 Apr ’11.

Votes must be cast by “reply all” to this email.

A vote in favour of the motion must indicate a clear ‘yes’ in the response. A vote against must indicate a clear ‘no’ in the response. A vote to abstain must indicate a clear ‘abstain’ in the response. Unclear responses will not be counted.

The latest vote received from any representative of a voting member before the close of the voting period will be counted.


Motion ends