Federal Register / Vol. 60, No. 99 / Tuesday, May 23, 1995 / Notices 27371

Fund held in its Separate Accounts in

a manner consistent with timely voting

instructions received from contract

owners. Each Participating Insurance

Company also will vote shares of each

Fund held in its Separate Accounts for

which no timely voting instructions

from contract owners are received, as

well as shares it owns, in the same

proportion as those shares for which

voting instructions are received. Each

Participating Insurance Company shall

be responsible for assuring that each of

their Separate Accounts participating in

the Fund calculates voting privileges in

a manner consistent with all other

Participants. The obligation to calculate

voting privileges in a manner consistent

with all other Separate Accounts

investing in the Fund shall be a

contractual obligation of all

Participating Insurance Companies

under their agreements governing

participation in the Fund.

7. Each Fund will notify all

Participants that prospectus disclosure

regarding potential risks of mixed and

shared funding may be appropriate.

Each Fund shall disclose in its

prospectus that: (a) Its shares are offered

to qualified pension and retirement

plans and to separate accounts which

fund both annuity and life insurance

contracts of both affiliated and

unaffiliated Participating Insurance

Companies; (b) material irreconcilable

conflicts may arise from mixed and

shared funding; and (c) the Board will

monitor the Fund for any material

conflicts and determine what action, if

any, should be taken.

8. All reports received by the Board

regarding potential or existing conflicts,

and all Board action with respect to

determining the existence of a conflict,

notifying Participants of a conflict, and

determining whether any proposed

action adequately remedies a conflict,

will be properly recorded in the minutes

of the Board or other appropriate

records, and such minutes or other

records shall be made available to the

Commission upon request.

9. If and to the extent Rule 6e–2 and

Rule 6e–3(T) are amended, or Rule 6e–

3 is adopted, to provide exemptive relief

from any provision of the 1940 Act or

the rules thereunder with respect to

mixed and shared funding on terms and

conditions materially different from any

exemptions granted in the order

requested, then the Funds and/or the

Participants, as appropriate, shall take

such steps as may be necessary to

comply with Rule 6e–2 and Rule 6e–

3(T), as amended, the Rule 6e–3, as

adopted, to the extent such rules are

applicable.

10. Each Fund will comply with all

provisions of the 1940 Act requiring

voting by shareholders (which, for these

purposes, shall be the persons having a

voting interest in the shares of the

Fund), and in particular each Fund will

either provide for annual meetings

(except insofar as the Commission may

interpret Section 16 of the 1940 Act not

to require such meetings) or comply

with Section 16(c) (although the Funds

are not within the trusts described in

this section) as well as with Sections

16(a) and, if and when applicable,

Section 16(b). Further, each Fund will

act in accordance with the

Commission’s interpretation of the

requirements of Section 16(a) with

respect to periodic elections of directors

(or trustees) and with whatever rules the

Commission may promulgate with

respect thereto.

11. The Participants, at least annually,

shall submit to the Board such reports,

materials or data as the Board may

reasonably request so that the Board

may fully carry out the obligations

imposed upon it by these stated

conditions, and said reports, materials,

and data shall be submitted more

frequently if deemed appropriate by the

Board. The obligations of the

Participating Insurance Companies and

Qualified Plans to provide these reports,

materials, and data to the Board when

it so reasonably requests shall be a

contractual obligation of all

Participating Insurance Companies and

Qualified Plans under their agreements

governing participation in the Funds.

12. In the event that a Qualified Plan

ever should become an owner of 10

percent or more of the assets of a Fund,

such Qualified Plan will execute a fund

participation agreement with the

applicable Fund. A Qualified Plan

shareholder will execute an application

with each of the Funds, including

Future Funds, that contains an

acknowledgement of this condition at

the time of the Qualified Plan’s initial

purchase of shares of the Fund.

Conclusion

For the reasons stated above,

Applicants believe that the requested

exemptions, in accordance with the

standards of Section 6(c), as appropriate

in the public interest and consistent

with the protection of investors and the

purposes fairly intended by the policy

and provisions of the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–12521 Filed 5–22–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 04/05–0018]

Investor’s Equity, Inc.; Notice of

Surrender of Licensee

Notice is hereby given that Investor’s

Equity, Inc., 1355 Peachtree Street,

Atlanta, Georgia 30309 has surrendered

its License to operate as a small

business investment company under the

Small Business Investment Act of 1958,

as amended (Act). Investor’s Equity was

licensed by the Small Business

Administration on August 10, 1961.

Under the authority vested by the Act

and pursuant to the Regulations

promulgated thereunder, the surrender

of the License was accepted on May 4,

1995, and accordingly, all rights,

privileges, and franchises derived

therefrom have been terminated.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: May 16, 1995.

Robert D. Stillman,

Associate Administrator for Investment.

[FR Doc. 95–12571 Filed 5–22–95; 8:45 am]

BILLING CODE 8025–01–M

[License No. 02/02–5351]

Exim Capital Corporation

Notice is hereby given that Exim

Capital Corporation (Exim), 241 Fifth

Avenue, New York, New York 10016, a

Federal Licensee under the Small

Business Investment Act of 1958, as

amended (the Act), in connection with

the proposed financing of a small

concern is seeking an exemption under

Section 312 of the Act and Section

107.903 Conflicts of interest of the SBA

Rules and Regulations (13 CFR 107.903

(1994)). An exemption may not be

granted by SBA until Notices of this

transaction have been published. Exim

proposes to provide debt financing to

KBJ Cleaners, Inc. (KBJ) located 6–01

Saddle River Road, Fairlawn, New

Jersey. The financing is contemplated

for use in the expansion of KBJ’s

existing operations and additional

working capital.

The financing is brought within the

purview of Section 107.903(b)(1) of the

regulations because Mr. Byung Hyun An