Federal Register / Vol. 63, No. 13 / Wednesday, January 21, 1998 / Notices 3175

regarding proposed improvements to the

Senior Management Meeting Process.

5:15 P.M.–7:00 P.M.: Preparation of

ACRS Reports (Open)—The Committee

will discuss proposed ACRS reports on

matters considered during this meeting,

as well as the ACRS annual report to

Congress regarding the NRC Safety

Research Program.

Friday, February 6, 1998

8:30 a.m.–8:35 a.m.: Opening

Remarks by the ACRS Chairman

(Open)-The ACRS Chairman will make

opening remarks regarding conduct of

the meeting.

8:35 a.m.–9:30 a.m.: Proposed

Rulemaking Related to 10 CFR 50.59

(Changes, Tests and Experiments)

(Open)—The Committee will hear

presentations by and hold discussions

with representatives of the NRC staff

regarding the proposed changes to 10

CFR 50.59.

9:30 a.m.–10:15 a.m.: SECY–97–231,

Performance Based Inspection Guidance

(Open)—The Committee will hear

presentations by and hold discussions

with representatives of the NRC staff

regarding SECY-97–231, and related

matters.

10:30 a.m.–11:30 a.m.: Human

Performance and Reliability

Implementation Plan (Open)—The

Committee will hear presentations by

and hold discussions with

representatives of the NRC staff

regarding the Human Performance and

Reliability Implementation Plan and

related activities.

11:30 a.m.–12:00 Noon: Future ACRS

Activities (Open)—The Committee will

discuss the recommendations of the

Planning and Procedures Subcommittee

regarding items proposed for

consideration by the full Committee

during future meetings.

1:00 p.m.–3:00 p.m.: Draft NUREG–

1555, ‘‘SRP For Environmental Reviews

For Nuclear Power Plants’’ (Open)—The

Committee will hear presentations by

and hold discussions with

representatives of the NRC staff

regarding draft NUREG–1555 and

related matters.

3:15 p.m.–7:00 p.m.: Preparation of

ACRS Reports (Open)—The Committee

will continue its discussion of proposed

ACRS reports on matters considered

during this meeting, and may also

discuss the ACRS annual report to

Congress regarding the NRC Safety

Research Program.

Saturday, February 7, 1998

8:30 a.m.–9:00 a.m.: Report of the

Planning and Procedures Subcommittee

(Open/Closed)—The Committee will

hear a report of the Planning and

Procedures Subcommittee on matters

related to the conduct of ACRS

business, agenda for the planning

meeting, and organizational and

personnel matters relating to the ACRS.

[Note: A portion of this session may be

closed to discuss organizational and

personnel matters that relate solely to the

internal personnel rules and practices of this

Advisory Committee, and information the

release of which would constitute a clearly

unwarranted invasion of personal privacy.]

9:00 a.m.–9:15 a.m.: Reconciliation of

ACRS Comments and

Recommendations (Open)—The

Committee will discuss responses from

the NRC Executive Director for

Operations (EDO) to comments and

recommendations included in recent

ACRS reports, including the EDO

response to the December 12, 1997

ACRS report related to proposed

revisions to 10 CFR 50.59 (Changes,

Tests and Experiments).

9:15 a.m.–4:00 p.m. (12:00 Noon–1:00

p.m. Lunch): Preparation of ACRS

Reports (Open)—The Committee will

continue its discussion of proposed

ACRS reports on matters considered

during this meeting, and may also

discuss the ACRS annual report to

Congress regarding the NRC Safety

Research Program.

4:00 p.m.–4:30 p.m.: Miscellaneous

(Open)—The Committee will discuss

matters related to the conduct of

Committee activities and matters and

specific issues that were not completed

during previous meetings, as time and

availability of information permit.

Procedures for the conduct of and

participation in ACRS meetings were

published in the Federal Register on

September 4, 1997 (62 FR 46782). In

accordance with these procedures, oral

or written views may be presented by

members of the public, including

representatives of the nuclear industry,

electronic recordings will be permitted

only during the open portions of the

meeting, and questions may be asked

only by members of the Committee, its

consultants, and staff. Persons desiring

to make oral statements should notify

Dr. Gail H. Marcus, Acting Chief of the

Nuclear Reactors Branch, at least five

days before the meeting, if possible, so

that appropriate arrangements can be

made to allow the necessary time during

the meeting for such statements. Use of

still, motion picture, and television

cameras during this meeting may be

limited to selected portions of the

meeting as determined by the Chairman.

Information regarding the time to be set

aside for this purpose may be obtained

by contacting the Acting Chief of the

Nuclear Reactors Branch prior to the

meeting. In view of the possibility that

the schedule for ACRS meetings may be

adjusted by the Chairman as necessary

to facilitate the conduct of the meeting,

persons planning to attend should check

with the Acting Chief of the Nuclear

Reactors Branch if such rescheduling

would result in major inconvenience.

In accordance with Subsection 10(d)

P.L. 92–463, I have determined that it is

necessary to close portions of this

meeting noted above to discuss matters

that relate solely to the internal

personnel rules and practices of this

Advisory Committee per 5 U.S.C.

552b(c)(2), to discuss Westinghouse

proprietary information per 5 U.S.C.

552b(c)(4), and to discuss information

the release of which would constitute a

clearly unwarranted invasion of

personal privacy per 5 U.S.C. 552b(c)(6).

Further information regarding topics

to be discussed, whether the meeting

has been canceled or rescheduled, the

Chairman’s ruling on requests for the

opportunity to present oral statements

and the time allotted therefor, can be

obtained by contacting Dr. Gail H.

Marcus, Acting Chief of the Nuclear

Reactors Branch (telephone 301/415–

7363), between 7:30 A.M. and 4:15 P.M.

EST.

ACRS meeting agenda, meeting

transcripts, and letter reports are

available for downloading or reviewing

on the internet at http://www.nrc.gov/

ACRSACNW.

Date: January 14, 1998.

Andrew L. Bates,

Advisory Committee Management Officer.

[FR Doc. 98–1380 Filed 1–20–98; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

22998; 812–10492]

Growth Stock Portfolio, et al.; Notice of

Application

January 13, 1998.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under section 6(c) of the

Investment Company Act of 1940 (the

‘‘Act’’) from section 15(a) of the Act and

rule 18f–2 under the Act and from

certain disclosure requirements under

the Act.

SUMMARY OF APPLICATION: Applicants

request an order that would (i) permit

applicants to hire sub-advisers and

materially amend sub-advisory

agreements without shareholder

approval and (ii) grant relief from
3176 Federal Register / Vol. 63, No. 13 / Wednesday, January 21, 1998 / Notices

1Under the Co-advisory Agreement, Sector is

authorized to make investment decisions

concerning the purchase and sale of specific

securities and other instruments.

2Applicants also request relief with respect to

any other registered open-end management

investment company advised by RMA and Sector,

or a person controlling, controlled by, or under

common control with RMA and a person

controlling, controlled by or under common control

with Sector (a ‘‘Future Company’’), provided that

the Future Company operates in substantially the

same manner as the Portfolio and complies with the

conditions of the requested order.

certain disclosure requirements

regarding advisory fees paid to the subadvisers.

APPLICANTS: Growth Stock Portfolio (the

‘‘Portfolio’’), R. Meeder & Associates,

Inc. (‘‘RMA’’), and Sector Capital

Management, L.L.C. (‘‘Sector,’’ together

with RMA, the ‘‘Advisers’’).

FILING DATES: The application was filed

on January 13, 1997. Applicant has

agreed to file an amendment, the

substance of which is incorporated

herein, during the notice period.

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

February 9, 1998 and should be

accompanied by proof of service on the

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: Growth Stock Portfolio and

R. Meeder & Associates, Inc., 6000

Memorial Drive, Dublin, OH 43017;

Sector Capital Management, L.L.C., 5350

Poplar Avenue, Suite 490, Memphis, TN

38119.

FOR FURTHER INFORMATION CONTACT:

Deepak T. Pai, Staff Attorney, at (202)

942–0574, or Nadya B. Roytblat,

Assistant Director, 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 from the SEC’s

Public Reference Branch, 450 5th Street,

N.W., Washington, D.C. 20549 (tel. 202–

942–8090).

Applicants’ Representations

1. The Flex-Funds and The FlexPartners, Massachusetts business trusts,

are open-end management investment

companies registered under the Act

(The Flex-Funds and The Flex-Partners

are collectively referred to as the

‘‘Trusts’’). The Highlands Growth Fund

is a series of The Flex-Funds, and the

Core Equity Fund is a series of The FlexPartners (The Highlands Growth Fund

and the Core Equity Fund are

collectively referred to as the ‘‘Funds’’).

The Portfolio, a New York business

trust, is an open-end management

investment company registered under

the Act. The Portfolio’s securities are

not registered under the Securities Act

of 1933 and the Portfolio currently does

not intend to offer its shares to the

public. The Portfolio offers its shares to

the Funds through the use of offering

documents (‘‘Offering Documents’’).

Neither the Trusts nor the Funds have

an investment adviser because the assets

of the Funds are invested in the

Portfolio, which has the same

investment objectives as the Funds.

2. RMA, an investment adviser

registered under the Investment

Advisers Act of 1940 (the ‘‘Advisers

Act’’), acts as investment adviser to the

Portfolio. Under an investment advisory

contract, RMA (i) provides an

investment program within the

limitations of the Portfolio’s investment

policies and restrictions; (ii) furnishes

all executive, administrative and

clerical services required for the

transaction of Portfolio business, other

than accounting services and services

which are provided by the Portfolio’s

custodian, transfer agent, independent

accountants, and legal counsel; and (iii)

provides office space and other facilities

and equipment for the management of

the affairs of the Portfolio. In addition,

RMA invests the Portfolio’s cash and

may invest the Portfolio’s financial

futures contracts and related options.

For its services, RMA receives a fee from

the Portfolio based on the net assets of

the Portfolio.

3. Sector, an investment adviser

registered under the Advisers Act,

serves as investment co-adviser to the

Portfolio under an investment coadvisory agreement among the Portfolio,

RMA and Sector (the ‘‘Co-advisory

Agreement’’). RMA recommended to the

Portfolio’s board of directors (the

‘‘Board’’) that Sector be hired as the

investment co-adviser to the Portfolio.

RMA also has the right to terminate

Sector as the investment co-adviser to

the Portfolio. The Co-advisory

Agreement permits Sector to enter into

agreements with one or more subadvisers (‘‘Sub-advisory Agreements’’)

to exercise investment discretion over

the Portfolio’s assets.1

4. Under the Co-Advisory Agreement,

Sector (i) Reallocates the assets of the

Portfolio among the sub-advisers when

necessary; (ii) evaluates and selects subadvisers; (iii) performs internal due

diligence on prospective sub-advisers

and monitors sub-advisers’ performance

through quantitative and qualitative

analysis; (iv) supervises compliance

with the investment objectives and

policies of the Portfolio; (v)

recommends to the Board whether Subadvisory Agreements should be

renewed, modified, or terminated; and

(vi) recommends to the Board the

addition of new sub-advisers. The

Portfolio currently has seven subadvisers (the ‘‘Sub-advisers’’). The Subadvisers are responsible for reviewing

supervising, and administering the

Portfolio’s investment program with

respect to the portion of the Portfolio’s

assets assigned to them. As

compensation for providing its subadviser selection, monitoring and asset

allocation services, Sector currently

receives a fee from RMA computed as a

percentage of RMA’s investment

advisory fee. Sector pays the Subadvisers out of this fee.

5. Applicants believe that the

allocation of responsibilities between

the Advisers benefits the shareholders

because of the specialization and

efficiency it provides. Applicants

request an exemption from section 15(a)

of the Act and rule 18f–2 under the Act

to permit them to hire Sub-advisers and

materially amend Sub-advisory

Agreements without shareholder

approval. Applicants also request an

exemption from various disclosure

requirements described below that may

require them to disclose the fees paid to

each Sub-adviser.2

6. Applicants request an exemption to

permit the Portfolio and the Trusts to

disclose (as a dollar amount and as a

percentage of their net assets: (i)

aggregate fees paid to RMA and its

Affiliated Sub-advisers (as defined

below); (ii) aggregate fees paid to Sector

and its Affiliated Sub-advisers (as

defined below); and (iii) aggregate fees

paid to Sub-Advisers other than

Affiliated Sub-Advisers (these fees are

referred to collectively as, ‘‘Aggregate

Fees’’). An Affiliated Sub-adviser is any

sub-adviser that is an ‘‘affiliated person’’

(as defined in section 2(a)(3) of the Act)

of the Portfolio, the Trusts, RMA, or

Sector, other than by reason of serving

as a sub-adviser of the Portfolio.
Federal Register / Vol. 63, No. 13 / Wednesday, January 21, 1998 / Notices 3177

Applicants’ Legal Analysis

1. Section 15(a) of the Act provides,

in relative part, that it is unlawful for

any person to act as an investment

adviser to a registered investment

company except pursuant to a written

contract which has been approved by

the vote of a majority of the outstanding

voting securities of such registered

investment company. Rule 18f–2

provides that any investment advisory

contract that is submitted to the

shareholders of a series investment

company under section 15(a) shall be

deemed to be effectively acted upon

with respect to any class or series of

such company if a majority of the

outstanding voting securities of such

class or series vote for the approval of

the contract.

2. Form N–1A is the registration

statement used by open-end investment

companies. Items 2, 5(b)(iii), and

16(a)(iii) of Form N–1A require

disclosure of the method and amount of

the investment adviser’s compensation.

3. Form N–14 is the registration form

for business combinations involving

open-end investment companies. Item 3

of Form N–14 requires the inclusion of

a ‘‘table showing the current fees for the

registrant and the company being

acquired and pro forma fees, if different,

for the registrant after giving effect to

the transaction.’’

4. Rule 20a–1 under the Act requires

proxies solicited with respect to an

investment company to comply with

Schedule 14A under the Securities

Exchange Act of 1934 (the ‘‘1934 Act’’).

Item 22(a)(3)(iv) of Schedule 14A

requires a proxy statement for a

shareholder meeting at which a new fee

will be established or an existing fee

increased to include a table of the

current and pro forma fees. Items

22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8), and

22(c)(9), taken together, require a proxy

statement for a shareholder meeting at

which the advisory contract will be

voted upon to include the ‘‘rate of

compensation of the investment

adviser,’’ the ‘‘aggregate amount of the

investment adviser’s fees,’’ a description

of ‘‘the terms of the contract to be acted

upon,’’ and, if a change in the advisory

fee is proposed, the existing and

proposed fees and the difference

between the two fees.

5. Form N–SAR is the semi-annual

report filed with the SEC by registered

investment companies. Item 48 of Form

N–SAR requires investment companies

to disclose the rate schedule for fees

paid to their investment advisers,

including the Sub-advisers.

6. Regulation S–X sets forth the

requirements for financial statements

required to be included as part of

investment company registration

statements and shareholder reports filed

with the SEC. Sections 6–07(2)(a), (b),

and (c) of Regulation S–X require that

investment companies include in their

financial statements information about

investment advisory fees.

7. Section 6(c) authorizes the

Commission to exempt persons or

transactions from the provisions of the

Act to the extent that such exemptions

are appropriate in the public interest

and consistent with the protection of

investors and the purposes fairly

intended by the policies and provisions

of the Act.

8. Applicants believe that the

requested relief meets the above

standard. Applicants contend that

shareholders expect Sector, under the

overall authority of the Portfolio’s

Board, to take responsibility for

overseeing Sub-advisers and

recommending their hiring, termination,

and replacement. Applicants note that

the Portfolio’s investment advisory

agreement with RMA and the Coadvisory Agreement will continue to be

subject to shareholder approval under

section 15(a).

9. Applicants also believe that the

requested relief will benefit

shareholders by enabling the Portfolio

and the Funds to operate in a less costly

and more efficient manner. Applicants

argue that the requested relief will

reduce the Funds’ expenses because the

Funds will not have to prepare and

solicit proxies each time a Sub-advisory

Agreement is entered into or modified.

Applicants also believe that the

disclosure of fees that Sector pays to

each Sub-adviser would not serve a

meaningful purpose since investors will

pay Sector to retain and compensate the

Sub-advisers.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief shall be

subject to following conditions:

1. Before the Portfolio may rely on the

order requested in the application, the

operation of the Portfolio in the manner

described in the application will be

approved by a majority of the Portfolio’s

outstanding voting securities, as defined

in the Act, and by the Funds’

shareholders in accordance with section

12(d)(1)(E)(iii)(aa) of the Act, or, in the

case of a Future Company or Fund

whose public shareholders purchase

shares on the basis of a prospectus

containing the disclosure contemplated

by condition 2 below, by the sole

shareholder before the offering of the

Future Company’s or Funds’ shares to

the public.

2. The Funds’ prospectuses, the

Portfolio’s Offering Documents, and, if

applicable, the Portfolio’s prospectus

will disclose the existence, substance,

and effect of any order granted pursuant

to this application. In addition, the

Portfolio and the Funds will hold

themselves out to the public as

employing the ‘‘manager of managers’’

approach described in the application.

The Funds’ prospectuses, the Portfolio’s

Offering Documents, and, if applicable,

the Portfolio’s Prospectus will

prominently disclose that RMA and

Sector have ultimate responsibility for

the investment performance of the

Portfolio due to RMA’s responsibility to

oversee Sector and Sector’s

responsibility to oversee Sub-advisers

and recommend their hiring,

termination, and replacement.

3. The Portfolio and the Funds will

disclose the Aggregate Fees in their

registration statements.

4. Within 90 days of the hiring of any

new Sub-adviser, RMA and Sector will

furnish to the holders of the beneficial

interests of the Portfolio and the Funds’

shareholders all information about the

new Sub-adviser or Sub-advisory

Agreement that would be included in a

proxy statement, except as modified by

the order with respect to the disclosure

of Aggregate Fees. Such information

will include disclosure of the Aggregate

Fees and any change in such disclosure

caused by the addition of a new Subadviser. To meet this obligation, RMA

and Sector will provide the holders of

the beneficial interests of the Portfolio

and the Funds’ shareholders, within 90

days of the hiring of a Sub-adviser, with

an information statement meeting the

requirements of Regulation 14C and

Schedule 14C under the 1934 Act. The

information statement also will meet the

requirements of Item 22 of Schedule

14A under the 1934 Act, except as

modified by the order with respect to

the disclosure of Aggregate Fees.

5. Sector and the Portfolio will not

enter into a Sub-advisory Agreement

with any Affiliated Sub-adviser without

such agreement, including the

compensation to be paid thereunder,

being approved by the holders of the

beneficial interests of the Portfolio and

by the Funds’ shareholders in

accordance with section

12(d)(1)(E)(iii)(aa) of the Act.

6. At all times, a majority of the

Portfolio’s Board will not be ‘‘interested

persons’’ within the meaning of section

2(a)(19) of the Act (‘‘Independent

Trustees’’) and the nomination of new

or additional Independent Trustees will

be placed within the discretion of the

then existing Independent Trustees.
3178 Federal Register / Vol. 63, No. 13 / Wednesday, January 21, 1998 / Notices

7. When a Sub-adviser change is

proposed when the Portfolio has an

Affiliated Sub-adviser, the Portfolio’s

Board, including a majority of the

Independent Trustees, will make a

separate finding reflected in its minutes,

that such change is in the best interest

of the Portfolio and its investors and

does not involve a conflict of interest

from which RMA, Sector, or the

Affiliated Sub-adviser derives an

inappropriate advantage.

8. RMA will provide general

management services to the Portfolio,

subject to Portfolio Board review. Sector

will, subject to Portfolio Board review

and approval, (i) together with RMA, set

the Portfolio’s overall investment

strategies, (ii) select Sub-advisers, (iii)

allocate and, when appropriate,

reallocate the Portfolio’s assets among

Sub-advisers, (iv) monitor and evaluate

Sub-adviser performances, and (v)

supervise Sub-adviser compliance with

the Portfolio’s investment objective,

policies, and restrictions.

9. Independent counsel

knowledgeable about the Act and the

duties of Independent Trustees will be

retained to represent the Independent

Trustees. The selection of such counsel

will be placed within the discretion of

the Independent Trustees.

10. Sector will provide the Portfolio’s

Board no less frequently than quarterly

with information about Sector’s

profitability for each series of the

Portfolio relying on the relief requested

in the application. Whenever a Subadviser is hired or terminated, Sector

will provide the Portfolio’s Board with

information showing the expected

impact on Sector’s profitability, and

quarterly reports will reflect the impact

on profitability of the hiring or

termination of Sub-advisers during the

quarter.

11. No director, trustee, or officer of

Sector, RMA, or the Portfolio will own

directly or indirectly (other than

through a pooled investment vehicle

over which such person does not have

control) any interest in a Sub-adviser

except for: (a) Ownership of interests in

RMA or Sector or any entity that

controls, is controlled by, or is under

common control with RMA or Sector; or

(b) ownership of less than 1% of the

outstanding securities of any class of

equity or debt of a publicly traded

company that is either a Sub-adviser or

an entity that controls, is controlled by,

or is under common control with a Subadviser.

For the SEC, by the Division of Investment

Management, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–1347 Filed 1–20–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE–97–66]

Petitions for Exemption; Summary of

Petitions Received; Dispositions of

Petitions Issued

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of petitions for

exemption received and of dispositions

of prior petitions.

SUMMARY: Pursuant to FAA’s rulemaking

provisions governing the application,

processing, and disposition of petitions

for exemption (14 CFR part 11), this

notice contains a summary of certain

petitions seeking relief from specified

requirements of the Federal Aviation

Regulations (14 CFR Ch. I), dispositions

of certain petitions previously received,

and corrections. The purpose of this

notice is to improve the public’s

awareness of, and participation in, this

aspect of FAA’s regulatory activities.

Neither publication of this notice nor

the inclusion or omission of information

in the summary is intended to affect the

legal status of any petition or its final

disposition.

DATES: Comments on petitions received

must identify the petition docket

number involved and must be received

on or before January 26, 1998.

ADDRESSES: Send comments on any

petition in triplicate to: Federal

Aviation Administration, Office of the

Chief Counsel, Attn: Rule Docket (AGC–

200), Petition Docket No. 29099, 800

Independence Avenue, SW.,

Washington, DC 20591.

Comments may also be sent

electronically to the following internet

address: 9–NPRM–CMTS@faa.dot.gov.

The petition, any comments received,

and a copy of any final disposition are

filed in the assigned regulatory docket

and are available for examination in the

Rules Docket (AGC–200), Room 915G,

FAA Headquarters Building (FOB 10A),

800 Independence Avenue, SW.,

Washington, DC 20591; Telephone (202)

267–3132.

FOR FURTHER INFORMATION CONTACT:

Angela Anderson (202) 267–9681 or

Tawana Matthews (202) 267–9783

Office of Rulemaking (ARM–1) Federal

Aviation Administration, 800

Independence Avenue, SW.,

Washington, DC 20591.

This notice is published pursuant to

paragraphs (c), (e), and (g) of § 11.27 of

part 11 of the Federal Aviation

Regulations (14 CFR Part 11).

Issued in Washington, DC, on January 14,

1998.

Gary A. Michel,

Acting Assistant Chief Counsel for

Regulations.

Petitions for Exemption

Docket No.: 29099.

Petitioner: Embry-Riddle Aeronautical

University.

Sections of the FAR Affected: 14 CFR

61.55(b)(2), 61.56(c)(1), 61.57 (a) (b) (c)

(d), 61.58(a) (1) and (2), and 61.195(e)

Description of Relief Sought: To

permit the petitioner to use Level D

flight simulators to meet certain flight

experience and recency of experience

requirements of section 61 for instructor

pilots prior to certification of the

petitioner’s part 142 training center for

each appropriate Level D flight

simulator program.

[FR Doc. 98–1374 Filed 1–20–98; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE–97–67]

Petitions for Exemption; Summary of

Petitions Received; Dispositions of

Petitions Issued

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of petitions for

exemption received and of dispositions

of prior petitions.

SUMMARY: Pursuant to FAA’s rulemaking

provisions governing the application,

processing, and disposition of petitions

for exemption (14 CFR part 11), this

notice contains a summary of certain

petitions seeking relief from specified

requirements of the Federal Aviation

Regulations (14 CFR Ch. I), dispositions

of certain petitions previously received,

and corrections. The purpose of this

notice is to improve the public’s

awareness of, and participation in, this

aspect of FAA’s regulatory activities.

Neither publication of this notice nor

the inclusion or omission of information

in the summary is intended to affect the

legal status of any petition or its final

disposition.

DATE: Comments on petitions received

must identify the petition docket