Federal Register / Vol. 65, No. 15 / Monday, January 24, 2000 / Notices 3747

1Section 2(a)(48) defines a BDC to be any closedend investment company that operates for the

purpose of making investments in securities

described in sections 55(a)(1) through 55(a)(3) of the

Act and makes available significant managerial

assistance with respect to the issuers of such

securities.

2Each Eligible Director receives director’s fees

equal to $12,000 per year. The Eligible Directors do

not receive any other compensation for their

services.

The RRB estimates that approximately

8,000 responses are received annually.

ADDITIONAL INFORMATION OR COMMENTS:

To request more information or to

obtain a copy of the information

collection justification, forms, and/or

supporting material, please call the RRB

Clearance Officer at (312) 751–3363.

Comments regarding the information

collection should be addressed to

Ronald J. Hodapp, Railroad Retirement

Board, 844 North Rush Street, Chicago,

Illinois 60611–2092. Written comments

should be received within 60 days of

this notice.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 00–1614 Filed 1–21–00; 8:45 am]

BILLING CODE 7905–01–M

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction act of 1995 (44

U.S.C. Chapter 35), the Railroad

Retirement Board (RRB) has submitted

the following proposal(s) for the

collection of information to the Office of

Management and Budget for review and

approval.

Summary of Proposal(s)

(1) Collection title: Application and

Claim for RUIA Benefits Due at Death.

(2) Form(s) submitted: UI–63.

(3) OMB Number: 3220–0055.

(4) Expiration date of current OMB

clearance: 4/30/2000.

(5) Type of request: Extension of a

currently approved collection.

(6) Respondents: Individuals or

households.

(7) Estimated annual number of

respondents: 200.

(8) Total annual responses: 200.

(9) Total annual reporting hours: 23.

(10) Collection description: The

collection obtains the information

needed by the Railroad Retirement

Board to pay, under section 2(g) of the

RUIA, benefits under that Act accrued,

but not paid because of the death of the

employee.

ADDITIONAL INFORMATION OR COMMENTS:

Copies of the forms and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois, 60611–2092

and the OMB reviewer, Joe Lackey (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Office Building, Washington, D.C.

20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 00–1615 Filed 1–21–00; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

24254; 812–11250]

Franklin Capital Corporation; Notice of

Application

January 18, 2000.

AGENCY: Securities and Exchange

Commission (the ‘‘Commission’’).

ACTION: Notice of an application for an

order under section 61(a)(3)(B) of the

Investment Company Act of 1940 (the

‘‘Act’’).

SUMMARY OF APPLICATION: Applicant,

Franklin Capital Corporation, requests

an order approving its Non-Statutory

Stock Option Plan (the ‘‘Director Plan’’)

and the grant of certain stock options

under the Director Plan.

FILING DATES: The application was filed

on August 6, 1998, and amended on

April 14, 1999. Applicant has agreed to

file an amendment during the notice

period, the substance of which is

reflected in this notice.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the

Commission’s Secretary and serving

applicant with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m. on February 11, 2000, and

should be accompanied by proof of

service on applicant, in the form of an

affidavit or, for lawyers, a certificate of

service. Hearing requests should state

the nature of the writer’s interest, the

reason for the request, and the issues

contested. Persons who wish to be

notified of a hearing may request

notification by writing to the

Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450

5th Street, NW, Washington, DC 20549–

0609. Applicant, 450 Park Avenue, New

York, New York 10022.

FOR FURTHER INFORMATION CONTACT:

Deepak T. Pai, Senior Counsel, at (202)

942–0574, or George J. Zornada, Branch

Chief, at (202) 942–0564 (Division of

Investment Management, Office of

Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application is

available for a fee at the Commission’s

Public Reference Branch, 450 Fifth

Street, NW, Washington, DC 20549–

0102 (tel. 202–942–8090).

Applicant’s Representations

1. Applicant is an internally-managed

business development company

(‘‘BDC’’) within the meaning of section

2(a)(48) of the Act.1 Applicant does not

have an external investment adviser

within the meaning of section 2(a)(20) of

the Act.

2. Applicant requests an order under

section 61(a)(3)(B) of the Act approving

the Director Plan for directors who are

not employees, officers, or interested

persons (as defined in section 2(a)(9) of

the Act) of the applicant (‘‘Eligible

Directors’’).2 Applicant has a five

member board of directors (the

‘‘Board’’), four of whom are Eligible

Directors. On August 5, 1997,

applicant’s Board adopted the Director

Plan, and on September 9, 1997,

applicant’s shareholders approved the

Director Plan. The Director Plan will

become effective on the date that the

Commission issues an order on the

application (the ‘‘Approval Date’’).

3. The Director Plan provides for the

grant of stock options to purchase shares

of applicant’s common stock

(‘‘Options’’) to each of the Eligible

Directors on the Approval Date. A total

of 30,000 shares of applicant’s common

stock is reserved for issuance under the

Director Plan. Pursuant to the Director

Plan, on the Approval Date, each of the

Eligible Directors will be granted

Options for 5,000 shares of common

stock (20,000 shares total). The Options

vest as follows: one-third of each

Eligible Director’s 5,000 Options will

vest immediately, one-third will vest

one year from the date of grant, and the

remaining one-third will vest two years

from the date of grant. The remaining

10,000 shares will be granted in the

following manner: Options to purchase

an additional 1,250 shares of common

stock will be automatically granted to

each Eligible Director upon his election,

re-election, or appointment to the Board

at the Year 2000 and Year 2001 annual

shareholders’ meetings.