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Trustees takin Crown Trust to court for million Investment trouble ByANIPEDERtAN Waff Writer Ttie Halton board of education has formally served notice on the Crown Trust Company demanding payment of two overdue guaranteed Investment certificates which total million Trustees knew they bad million Invested In the company but It wasnt until the conclusion of Thursday board meeting that they learned another investment of million due Jan had not been redeemed as believed Crown Trust and Its assets were by the Ontario government Jan and Its customers are only able to withdraw up to of their invest ments with the trust cempany superintendent of finance Barb Moore told a quietly attentive audience of the confusion leading to the discovery Jan that the million investment was still with Crown Trust She said the board had asked its broker back on Jan to redeem the million investment and S3 2 million of it with the Toronto Harbour Commission A slip received from the broker Jan 14 stated that the million had been placed with the Commiss ion and forwarded as the interest accrued from the Crown Trust Investment However because of the government takeover the cheque Issued by Crown Trust didnt clear through the bank and was returned to the boards broker The broker said it was the first time they ever had a cheque bounce and his staff didnt know what to do with the problem Mrs Moore explained Jan IB another slip came from the broker staling that the trans action had been reversed Mrs Moore said that the envelope containing the reversal slip was opened by a clerk and not looked at until Jan when the board was expecting the Commission Investment to come due People don look at them as closely as the should because this kind of thing doesnt normally happen Mrs Moore said Duetothe fact that the accounting depart ment was completing their yearend reports the slip was not really looked at and put in the mall Jan after many attempts over the past two weeks to reach Woods Gordon trustees for Crown Trust contact was finally made and Woods Gordon confirmed that as of Jan the board had million on deposit In guaranteed Investment certificates at 10 per cent Interest and that Looking for new members The Georgetown Chamber of Commerce is currently conducting its annual membership drive hoping With its i to boost membership put Its current 212 With its fourth annual Business Award Dinner set for next Wednesday Feb the Chamber reminds local businesses that saw It help the Jayceea publish a town directory Jointly hired a promotions coordinator with the promoted area Industry through advertisements and feature articles in The Herald hosted a number of guest speakers at informal luncheons and dinner and continued Offering a group Insurance plan featuring Important benefits to members Interested in 1983 Call they had been converted Into callable notes at 1075 per cent Mrs Moore reported Trustee Bill asked her whose decision it was to invest money in Crown Trust The decision was ours Mrs Moore said The broker advises what is available for Ihe time we want lo invest and the interest rales Crown Trust had provincial government approval as a safe investment for boards of education and municipalities By Jan 7 It was known Crown Trust was under Investigation Why then did the broker who looks after our money not quickly get the cheque in his hand and do some thing with it Mr demanded And why did we only find out yesterday Wed nesday that we didnt get the money million Mrs Moore replied that she didnt know why nothing was done prior to Jan by the boards broker We got to be smart er In what we do with our funds and not sit around waiting while things sit in a tray Mr commented Weve got to get some belter method of handling the problems than we have The board still has the Interest from the million which the broker sent with the incorrect slip advising them of the 3 million Harbour Commission investment However Mrs Moore said the board has no Insurance lo cover the loss of its million investment with Crown Trust if that should happen By serving notice Mrs Moore said It isnt the Intent of the board to bring Crown Trust to bankruptcy It lets them know were not just sitting wait ing for things to happen Mrs Moore said Trustees adopted the move recommended by the board solicitor and ore going on record with the ministry of Ion Informing them of the situation As well to protect the board Inter ests a firm of solicitors has been hired while the a million issue Is resolved Mrs Moore aald the invested money was part of total million derived from supplemen tary taxes accrued sala ries and accounts pay able the reserve for working funds and 192 surplus The investments were made because of a favorable cash flow In December resulting In sufficient fundi to encourage shortterm Investments until the money would be needed In January The board invested In callable notes maturing Jan 17 with the Harbour Commission back in December and In callable with the broker maturing 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