Federal Register / Vol. 60, No. 54 / Tuesday, March 21, 1995 / Notices 14999

1Roulston and Roulston Research have agreed to

waive their respective investment advisory and

12b–1 fees and absorb certain expenses for one year

following the reorganization to the extent necessary

to ensure that the expense ratios of the Acquiring

Funds do not exceed certain limits.

Acquiring Fund will liquidate and

distribute pro rata to its respective

unitholders the shares of the Acquiring

Fund it received pursuant to the

reorganization. Unitholders of the

Acquired Funds will not incur any sales

load in connection with their

acquisition of Acquiring Fund shares.

5. In connection with the proposed

reorganization, the board of trustees of

Roulston Funds, including a majority of

its disinterested trustees, approved an

agreement and plan of reorganization

(the ‘‘Plan’’) on October 20, 1994. The

board of trustees of the Advisors’ fund,

including a majority of its disinterested

trustees, approved the Plan on

November 14, 1994. In assessing the

Plan, each board considered the

following factors: (a) The compatibility

of the objectives, policies and

restrictions of the respective Acquiring

Funds and Acquired Funds, (b) the

terms and conditions of the Plan, (c) the

tax-free nature of the reorganization,

and (d) the expense ratios of the

Acquiring Funds and Acquired Funds,

including certain fee waivers.1 In

addition, applicants represent that a

principal business consideration

influencing Roulston’s recommendation

of the reorganization, and the Roulston

board’s approval of the reorganization,

was their belief, based in part on input

from unitholders, that services to

unitholders of the Acquired Funds,

particularly transfer agency services,

could be more effectively structured,

delivered, and monitored in a different

organizational setting.

6. The Acquired Funds will submit

the Plan to their unitholders for

approval at a meeting scheduled for

March 24, 1995. Applicants will deliver

to unitholders of the Acquired Funds a

prospectus/proxy statement describing

the Plan prior to their vote. In addition

to unitholder approval, the

consummation of the reorganization is

conditioned upon, among other things,

receipt from the SEC of the order

requested herein.

7. The expenses of the reorganization

are to be paid by the party directly

incurring such expenses, subject to

certain exceptions set forth in the Plan.

Applicants estimate the expenses of the

reorganization to be $70,000, of which

Roulston Funds will pay $50,000 and

Advisors’ Fund will pay $20,000.

Applicants’ Legal Analysis

1. Section 17(a) of the Act, in

pertinent part, prohibits an affiliated

person of a registered investment

company, or any affiliated person of

such a person, acting as principal, from

selling to or purchasing from such

registered company, any security or

other property. Section 17(b) provides

that the SEC may exempt a transaction

from section 17(a) if evidence

establishes that the terms of the

proposed transaction, including the

consideration to be paid, are reasonable

and fair and do not involve

overreaching on the part of any person

concerned, and that the proposed

transaction is consistent with the policy

of the registered investment company

concerned and with the general

purposes of the Act.

2. Rule 17a–8 under the Act exempts

from the prohibitions of section 17(a)

mergers, consolidations, or purchases or

sales of substantially all the assets

involving registered investment

companies that may be affiliated

persons, or affiliated persons of an

affiliated person, solely by reason of

having a common investment adviser,

common directors/trustees and/or

common officers provided that certain

conditions are satisfied. Applicants may

not rely on rule 17a–8. Thomas H.

Roulston may be an affiliated person of

the Acquiring Funds because he may

indirectly control the Acquiring Funds

by owning, together with his immediate

family, a controlling interest in

Roulston. Mr. Roulston is also an

affiliated person of two of the Acquired

Funds because he beneficially owns

more than 5% of the outstanding shares

of these funds. Therefore, the Acquiring

Funds may be deemed affiliated with

the Acquired Funds for reasons other

than those set forth in the rule.

3. Applicants, however, believe that

the terms of the reorganization satisfy

the standards of section 17(b). Each

Fund’s board, including the

disinterested trustees, has reviewed the

terms of the reorganization and have

found that participation in the

reorganization as contemplated by the

Plan is in the best interests of the

Acquiring Funds and Acquired Funds,

and that the interests of the unitholders

of each Fund will not be diluted as a

result of the reorganization. Each board

also considered the fact that the

Acquiring Funds were established for

the express purpose of acquiring the

assets of the Acquiring Funds, and,

therefore, the objectives of each

Acquiring Fund are identical or

substantially similar to that of its

corresponding Acquired Fund.

Applicants further submit that the terms

of the reorganization, including the

consideration to be paid or received, are

reasonable and fair and do not involve

overreaching on the part of any person

concerned.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6936 Filed 3–20–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF THE TREASURY

Office of the Secretary

List of Countries Requiring

Cooperation With an International

Boycott

In order to comply with the mandate

of section 999(a)(3) of the Internal

Revenue Code of 1986, the Department

of the Treasury is publishing a current

list of countries which may require

participation in, or cooperation with, an

international boycott (within the

meaning of section 999(b)(3) of the

Internal Revenue Code of 1986).

On the basis of the best information

currently available to the Department of

the Treasury, the following countries

may require participation in, or

cooperation with, an international

boycott (within the meaning of section

999(b)(3) of the Internal Revenue Code

of 1986):

Bahrain

Iraq

Jordan

Kuwait

Lebanon

Libya

Oman

Qatar

Saudi Arabia

Syria

United Arab Emirates

Yemen, Republic of

Dated: March 13, 1995.

Joseph Guttentag,

International Tax Counsel.

[FR Doc. 95–6973 Filed 3–20–95; 8:45 am]

BILLING CODE 4810–25–M

Internal Revenue Service

Renewable Electricity Production

Credit, Publication of Inflation

Adjustment Factor and Reference

Prices for Calendar Year 1995

AGENCY: Internal Revenue Service (IRS),

Treasury.
15000 Federal Register / Vol. 60, No. 54 / Tuesday, March 21, 1995 / Notices

ACTION: Publication of inflation

adjustment factor and reference prices

for calendar year 1995 as required by

section 45(d)(2)(A) (26 U.S.C.

45(d)(2)(A)).

SUMMARY: The 1995 inflation adjustment

factor and reference prices are used in

determining the availability of the

renewable electricity production credit

under section 45(a).

DATES: The 1995 inflation adjustment

factor and reference prices apply to

calendar year 1995 sales of kilowatt

hours of electricity produced in the

United States or a possession thereof

from qualified energy resources.

INFLATION ADJUSTMENT FACTOR: The

inflation adjustment factor for calendar

year 1995 is 1.0430.

REFERENCE PRICES: The reference prices

for calendar year 1995 are 5.4¢ per

kilowatt hour for facilities producing

electricity from wind and 0¢ per

kilowatt hour for facilities producing

electricity from closed-loop biomass.

The reference price for electricity

produced from closed-loop biomass, as

defined in section 45(c)(2), is based on

a determination under section

45(d)(2)(C) that in calendar year 1994

there were no sales of electricity

generated from closed-loop biomass

energy resources under contracts

entered into after December 31, 1989.

Because the 1995 reference prices for

electricity produced from wind and

closed-loop biomass energy resources

do not exceed 8¢ multiplied by the

inflation adjustment factor, the phaseout

of the credit provided in section 45(b)(1)

does not apply to electricity sold during

calendar year 1995.

CREDIT AMOUNT: As required by section

45(b)(2), the 1.5¢ amount in section

45(a)(1) is adjusted by multiplying such

amount by the inflation adjustment

factor for the calendar year in which the

sale occurs. If any amount as increased

under the preceding sentence is not a

multiple of 0.1¢, such amount is

rounded to the nearest multiple of 0.1%.

Under the calculation required by

section 45(b)(2), the renewable

electricity production credit for

calendar year 1995 under section 45(a)

is 1.6¢ per kilowatt hour on the sale of

electricity produced from closed-loop

biomass and wind energy resources.

FOR FURTHER INFORMATION CONTACT:

David A. Selig, IRS, CC:DOM:P&SI:5,

1111 Constitution Ave., NW.,

Washington, DC 20224, (202) 622–3040

(not a toll-free call).

Judith C. Dunn,

Associate Chief Counsel (Domestic).

[FR Doc. 95–6923 Filed 3–20–95; 8:45 am]

BILLING CODE 4830–01–U

Office of Thrift Supervision

[AC–19; OTS No. 12609]

American Savings Association,

Portsmouth, Ohio; Approval of

Conversion Application

Notice is hereby given that on March

15, 1995, the Deputy Assistant Director,

Corporate Activities, Office of Thrift

Supervision, or her designee, acting

pursuant to delegated authority,

approved the application of American

Savings Association, Portsmouth, Ohio,

to convert to the stock form of

organization. Copies of the application

are available for inspection at the

Information Services Division, Office of

Thrift Supervision, 1700 G Street, NW.,

Washington, DC 20552, and the Central

Regional Office, Office of Thrift

Supervision, 111 East Wacker Drive,

Suite 800, Chicago, Illinois 60601–4360.

Dated: March 16, 1995.

By the Office of Thrift Supervision.

Nadine Y. Washington,

Corporate Secretary.

[FR Doc. 95–6921 Filed 3–20–95; 8:45 am]

BILLING CODE 6720–01–M

[AC–18; OTS No. 03952]

First Federal Savings and Loan

Association of Ashland, Kentucky,

Ashland, Kentucky; Approval of

Conversion Application

Notice is hereby given that on

February 13, 1995, the Deputy Assistant

Director, Corporate Activities, Office of

Thrift Supervision, or her designee,

acting pursuant to delegated authority,

approved the application of First

Federal Savings and Loan Association of

Ashland, Kentucky, Ashland, Kentucky,

to convert to the stock form of

organization. Copies of the application

are available for inspection at the

Information Services Division, Office of

Thrift Supervision, 1700 G Street, NW.,

Washington, DC 20552, and the Central

Regional Office, Office of Thrift

Supervision, 111 East Wacker Drive,

Suite 800, Chicago, Illinois 60601–4360.

Dated: March 16, 1995.

By the Office of Thrift Supervision.

Nadine Y. Washington,

Corporate Secretary.

[FR Doc. 95–6920 Filed 3–20–95; 8:45 am]

BILLING CODE 6720–01–M