Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 / Notices 10297

1Section 2(a)(48) generally defines a BDC to be

any closed-end investment company that operates

for the purpose of making investments in securities

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

Investment Company Act and makes available

significant managerial assistance with respect of the

issuers of such securities. Such issuers are small,

nascent companies whose securities typically are

illiquid.

2 Investment Company Act Release Nos. 5640

(Mar. 25, 1969) (notice) and 5827 (Sept. 30, 1969)

(order).

measures of quality service. Surveys

will involve individuals that are direct

or indirect beneficiaries of RRB services

as well as railroad employers who must

report earnings.

ADDITIONAL INFORMATION OR COMMENTS:

Copies of the form 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, Laura Oliven (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Office Building, Washington, D.C.

20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 97–5533 Filed 3–5–97; 8:45 am]

BILLING CODE 7905–01–M

Determination of Quarterly Rate of

Excise Tax for Railroad Retirement

Supplemental Annuity Program

In accordance with directions in

Section 3221(c) of the Railroad

Retirement Tax Act (16 U.S.C., Section

3221(c)), the Railroad Retirement Board

has determined that the excise tax

imposed by such Section 3221(c) on

every employer, with respect to having

individuals in his employ, for each

work-hour for which compensation is

paid by such employer for services

rendered to him during the quarter

beginning April 1, 1997, shall be at the

rate of 35 cents.

In accordance with directions in

Section 15(a) of the Railroad Retirement

Act of 1974, the Railroad Retirement

Board has determined that for the

quarter beginning April 1, 1997, 31.5

percent of the taxes collected under

Sections 3211(b) and 3221(c) of the

Railroad Retirement Tax Act shall be

credited to the Railroad Retirement

Account and 68.5 percent of the taxes

collected under such Sections 3211(b)

and 3221(c) plus 100 percent of the

taxes collected under Section 3221(d) of

the Railroad Retirement Tax Act shall be

credited to the Railroad Retirement

Supplemental Account.

Dated: February 25, 1997.

By Authority of the Board.

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 97–5484 Filed 3–5–97; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–22534; 812–9450]

Capital Southwest Corporation, et al.;

Notice of Application

February 28, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: Capital Southwest

Corporation (‘‘CSC’’) and Capital

Southwest Venture Corporation

(‘‘CSVC’’)

RELEVANT ACT AND EXCHANGE ACT

SECTIONS: Order requested under section

6(c) of the Act for an exemption from

sections 18(a), 18(c), 30, and 61(a) of the

Act, under sections 17(d) and 57(a)(4) of

the Act and rule 17d–1 thereunder to

permit certain joint transactions, under

section 17(b) of the Act for an

exemption from section 17(a) of the Act,

and under section 57(c) of the Act for an

exemption from section 57(a) of the Act.

SUMMARY OF APPLICATION: The order

would permit CSC and CSVC to engage

in certain transactions that would

otherwise be permitted if CSC and

CSVC were one company. The order

also would permit modified asset

coverage requirements for CSC and

CSVC on a consolidated basis. In

addition, the order would permit CSC

and CSVC to file reports on a

consolidated basis. The requested order

would supersede a prior order.

FILING DATES: The application was filed

on January 23, 1995, and amended on

October 25, 1995, August 22, 1996, and

February 27, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

March 25, 1997, and should be

accompanied by proof of service on

applicants, 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 may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street N.W., Washington, D.C. 20549.

Applicants, 12900 Preston Road, Suite

700, Dallas, Texas 75230.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Senior Counsel, at

(202) 942–0572, or Mercer E. Bullard,

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

may be obtained for a fee at the SEC’s

Public Reference Branch.

Applicants’ Representations

1. CSC is a business development

company (‘‘BDC’’), as defined under

section 2(a)(48) of the Act,1 organized

under the laws of Texas. CSVC, a

wholly-owned subsidiary of CSC, is a

Nevada corporation and is registered

under the Act as a closed-end

management investment company.

CSVC is also licensed by the Small

Business Administration (‘‘SBA’’) as a

small business investment company

(‘‘SBIC’’) under the Small Business

Investment Act of 1958. CSC’s principal

business is to make, directly and

through CSVC, loans and equity-type

investments in small businesses.

2. Applicants request an order to

permit CSC and CSVC to engage in

certain transactions that would

otherwise be permitted if CSC and

CSVC were one company. The order

also would permit modified asset

coverage requirements for CSC and

CSVC on a consolidated basis. In

addition, the order would permit CSC

and CSVC to file reports on a

consolidated basis. The requested order

would supersede a prior order obtained

by CSC, which, among other things,

permits CSC and CSVC to engage in

certain joint transactions.2

Applicants’ Legal Analysis

A. Section 18

1. Section 18(a) of the Act prohibits a

registered closed-end investment

company from issuing any class or

senior security unless the company

complies with the asset coverage

requirements set forth in section 18.

‘‘Asset coverage’’ is defined in section

19(h) to mean the ratio which the value

of the total assets of an issuer, less all