33420 Federal Register / Vol. 63, No. 117 /Thursday, June 18, 1998 / Notices

Reduction Act Submission (83-I) for an

extension of a currently approved

collection of information entitled

‘‘Procurement-Related Forms and

Contract Clauses,’’ OMB No. 3207–0007.

DATES: Written comments on this

proposed action regarding the collection

of information must be submitted by

August 17, 1998.

ADDRESSES: Address all comments

concerning this notice to Edward H.

Clarke, Desk Officer for Panama Canal

Commission, Office of Information and

Regulatory Affairs, Room 10202, New

Executive Office Building, Office of

Management and Budget, Washington,

D.C. 20503.

FOR FURTHER INFORMATION CONTACT:

Ruth Huff, Office of the Secretary,

Panama Canal Commission, 202–634–

6441.

SUPPLEMENTARY INFORMATION: Under the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501–3520), Federal agencies

must obtain approval from the Office of

Management and Budget (OMB) for each

collection of information they conduct

or sponsor. Collection of information is

defined in 44 U.S.C. 3502 (3) and 5 CFR

1320.3 (c). Section 3506 (c)(2)(A) of the

Paperwork Reduction Act of 1995

requires agencies to provide a 60-day

notice in the Federal Register, and

otherwise consult with members of the

public and affected agencies concerning

each proposed collection of information,

by soliciting comments to: (a) Evaluate

whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

collection will have practical utility; (b)

evaluate the accuracy of the agency’s

estimate of the burden of the proposed

collection of information; (c) enhance

the quality, utility, and clarity of the

information to be collected; and (d)

minimize the burden of the collection of

information on those who are to

respond, including through the use of

automated collection techniques or

other forms of information technology.

Title: Procurement-Related Forms and

Contract Clauses.

Type of Request: Extension of a

currently approved collection.

Background: The information

requested is authorized by the Panama

Canal Commission Acquisition

Regulation, codified at 48 Code of

Federal Regulations Chapter 35.

Abstract: On September 15, 1982, the

Panama Canal Commission submitted to

OMB a request for approval of the forms

used by the Commission in connection

with the procurement of supplies,

services, and construction required by

the Panama Canal Commission for the

operation and maintenance of the

Panama Canal. OMB approved this

collection for use through September 30,

1985, and assigned it OMB No. 3207–

0007. On August 30, 1985, the

Commission requested extension of the

expiration date of the collection of

information designated ProcurementRelated Forms through September 30,

1988. Prior to the expiration, the

Commission requested another

extension and received approval

through December 1992. On October 7,

1992, the Commission submitted to

OMB for approval the collection

‘‘Procurement-Related Forms and

Contract Clauses.’’ OMB approved the

collection through October 31, 1995. On

July 12, 1995, the Commission

submitted a request for revision of this

collection and received approval

through August 31, 1998. The forms are

used to furnish the information required

by solicitation provisions or contract

clauses.

Annual Burden Hours: 19,853.

Estimated Number of Respondents:

69,092.

Estimated Total Hours per Response:

30 minutes.

Frequency of Collection: On occasion.

Affected Public: Business or other for

profit.

Jacinto Wong,

Chief Information Officer, Senior Official for

Information Resources Management.

[FR Doc. 98–16157 Filed 6–17–98; 8:45 am]

BILLING CODE 3640–04–P

POSTAL RATE COMMISSION

Sunshine Act Meetings

NAME OF AGENCY: Postal Rate

Commission.

TIME AND DATE: 10:30 a.m., July 23, 1998.

PLACE: Commission Conference Room,

1333 H Street, NW, Suite 300,

Washington, DC 20268–0001.

STATUS: Open.

MATTERS TO BE CONSIDERED: To discuss

and vote on the Postal Rate Commission

Budget for FY 1999 and election of a

Vice Chairman.

CONTACT PERSON FOR MORE INFORMATION:

Margaret P. Crenshaw, Secretary, Postal

Rate Commission, Suite 300, 1333 H

Street, NW, Washington, DC 20268–

0001, (202) 789–6820.

Dated: June 16, 1998.

Margaret P. Crenshaw,

Secretary.

[FR Doc. 98–16339 Filed 6–16–98; 11:46 am]

BILLING CODE 7710–FW–M

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Equus II Incorporated,

Common Stock, $.001 Par Value) File

No. 1–11362

June 12, 1998.

Equus II Incorporated (‘‘Company’’)

has filed an application with the

Securities and Exchange Commission

(‘‘Commission’’), pursuant to Section

12(d) of the Securities Exchange Act of

1934 (‘‘Act’’) and Rule 12d2–2(d)

promulgated thereunder, to withdraw

the above specified security (‘‘Security’’)

from listing and registration on the

American Stock Exchange, Inc.

(‘‘Amex’’ or ‘‘Exchange’’).

The reasons cited in the application

for withdrawing the Security from

listing and registration include the

following:

The Company’s Security has been

listed for trading on the Amex and,

pursuant to a Registration Statement on

Form 8–A which became effective on

May 20, 1998, the New York Stock

Exchange, Inc. (‘‘NYSE’’). Trading in the

Company’s Security on the NYSE

commenced at the opening of business

on May 20, 1998, and concurrently

therewith such Security was suspended

from trading on the Amex.

The Company has complied with Rule

18 of the Amex by filing with such

Exchange a certified copy of resolutions

adopted by the Company’s Board of

Director’s authorizing the withdrawal of

its Security from listing and registration

on the Amex and by setting forth in

detail to such Exchange the reasons for

such proposed withdrawal, and the facts

in support thereof. In making the

decision to withdraw its Security from

listing on the Amex, the Company

considered the expense of maintaining a

dual listing.

The Exchange has informed the

Company that it has no objection to the

withdrawal of the Company’s Security

from listing and registration on the

Amex.

By reason of section 12(b) of the Act

and the rules and regulations

thereunder, the Company shall continue

to be obligated to file reports under

Section 13 of the Act with the

Commission and the NYSE.

Any interested person may, on or

before July 6, 1998, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

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

bearing upon whether the application

has been made in accordance with the

rules of the Exchange and what terms,
Federal Register / Vol. 63, No. 117 /Thursday, June 18, 1998 / Notices 33421

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–16246 Filed 6–17–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–23249; 812–10904]

New York Life Capital Corporation;

Notice of Application

June 12, 1998.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application under

section 6(c) of the Investment Company

Act of 1940 (the ‘‘Act’’) for an

exemption from all provisions of the

Act.

SUMMARY OF APPLICATION: Applicant,

New York Life Capital Corporation,

requests an order that would permit it

to sell certain debt securities and use

the proceeds to finance the business

activities of its parent company and

certain companies controlled by the

parent company.

FILING DATES: The application was filed

on December 18, 1997, and amended on

April 28, 1998, and June 4, 1998.

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 applicant with a

copy of the request, personally or by

mail. Hearing requests should be

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

8, 1998 and should be accompanied by

proof of service on the 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 may

request notification of a hearing by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

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

Applicant, 51 Madison Avenue, New

York, New York 10010.

FOR FURTHER INFORMATION CONTACT:

Edward P. Macdonald, 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 from the SEC’s

Public Reference Branch, 450 Fifth St.,

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

942–8090).

Applicant’s Representations

1. Applicant is a Delaware

corporation and a wholly-owned

indirect subsidiary of New York Life

Insurance Company (‘‘New York Life’’).

New York Life is a mutual insurance

company organized under the laws of

the State of New York. New York Life,

directly and through its subsidiaries,

provides various financial services

including the sale of group pension

products, health insurance, annuities,

brokerage services, investment advisory

services, mutual funds, and variable life

and annuity insurance products. New

York Life is exempt from regulation

under the Act by section 3(c)(3) of the

Act.

2. Applicant was formed in 1995 for

the purpose of financing the business

operations of New York Life and its

subsidiaries (‘‘Controlled Companies’’).

Applicant’s primary function to borrow

funds through the sale of short-term,

medium-term, and long-term debt

securities as well as non-voting

preferred stock, and to lend the

proceeds from these offerings to New

York Life and its Controlled Companies

to help finance their operations. Certain

of the Controlled Companies are exempt

from regulations under the Act by

certain provisions of section 3(c) of the

Act. None of the Controlled Companies

to which applicant may lend will be

relying on sections 3(c)(1) or 3(c)(7) of

the Act.

3. All of applicant’s debt securities

and non-voting preferred stock issued to

or held by the public will be

unconditionally guaranteed by New

York Life as to the payment of, as

applicable, principal, interest, premium,

dividends, liquidation preference and

sinking fund payments. In the event of

any default in payment of these

amounts, the public holders of the

securities may institute legal

proceedings directly against New York

Life without first proceeding against

applicant. Furthermore, any convertible

or exchangeable securities issued by

applicant shall be convertible or

exchangeable only for securities issued

by New York Life or for applicant’s debt

securities or non-voting preferred stock.

4. Applicant will invest in or loan at

least 85% of any cash or cash

equivalents raised by applicant to New

York Life and its Controlled Companies

as soon as practicable, but in no event

later than six months after applicant

receives the cash or cash equivalents. If

applicant borrows amounts in excess of

the amounts required by New York Life

and its Controlled Companies, applicant

will invest this excess in certain

temporary investments pursuant to rule

3a–5 under the Act discussed below.

Applicant’s Legal Analysis

1. Applicant requests an order under

section 6(c) of the Act exempting it from

all provisions of the Act. Applicant

states that rule 3a–5 under the Act

provides an exemption from the

definition of investment company for

certain companies organized primarily

to finance the business operations of

their parent companies or companies

controlled by their parent companies.

2. Rule 3a–5(b)(2) provides that a

‘‘parent company’’ is a company that

derives its non-investment company

status from section 3(a) of the Act, the

rules under section 3(a) of the Act, or

section 3(b) of the Act. Rule 3a–5(b)(3)(i)

in relevant part defines a ‘‘company

controlled by the parent company’’ to be

a corporation, partnership, or joint

venture that is not considered an

investment company under section 3(a)

of the Act, the rules under section 3(a)

of the Act, or section 3(b) of the Act.

3. Applicant states that New York Life

may not qualify as a ‘‘parent company’’

under rule 3a–5(b)(2) because it derives

its non-investment company status from

section 3(c)(3) of the Act. Applicant also

states that certain Controlled Companies

that may receive loans from applicant,

may not qualify as a ‘‘company

controlled by the parent company’’

under rule 3a–5(b)(3)(i) because these

Companies derive their non-investment

company status from sections 3(c)(2),

3(c)(3), 3(c)(5), or 3(c)(6) of the Act.

4. Applicant asserts that neither New

York Life nor these Controlled

Companies engage primarily in

investment company activities. If New

York Life, or any of its Controlled

Companies, were itself to issue the debt

obligations that are to be issued by

applicant and use the proceeds for its

own purposes or advance them to its

subsidiaries, neither New York Life nor

any of its Controlled Companies would

be subject to regulation under the Act.

New York Life has chosen instead to use

applicant as a vehicle for this borrowing

for reasons unrelated to the regulatory

purposes of the Act.

5. Section 6(c) of the Act provides that

the SEC may exempt any person,