Federal Register / Vol. 61, No. 16 / Wednesday, January 24, 1996 / Notices 1965

5 17 CFR 200.30–3(a)(12) (1994).

1 Investment Company Act Release No. 11703

(Mar. 26, 1981).

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–1035 Filed 1–23–96; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

21681; 811–8940]

First Colonial Ventures, Ltd.; Notice of

Proposed Deregistration

January 17, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Proposed

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

RELEVANT ACT SECTIONS: Sections 8(f)

and 54(a).

SUMMARY OF NOTICE: The SEC proposes

to declare by order on its own motion

that First Colonial Ventures, Ltd. (‘‘First

Colonial’’) ceased to be an investment

company when it elected on June 29,

1995 to be regulated as a business

development company (‘‘BDC’’)

pursuant to section 54(a) of the Act.

HEARING OR NOTIFICATION OF HEARING: An

order of deregistration will be issued

unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary. Hearing requests should be

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

February 12, 1996. 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.

ADDRESS: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549.

FOR FURTHER INFORMATION CONTACT:

Marianne H. Khawly, Staff Attorney, at

(202) 942–0562, or Robert A. Robertson,

Branch Chief, at (202) 942–0564

(Division of Investment Management,

Office of Investment Company

Regulation).

Statement of Facts

1. First Colonial is a registered,

closed-end, diversified, management

investment company. On January 13,

1995, First Colonial filed a Notification

of Registration on Form N–8A pursuant

to section 8(a) of the Act and a

registration statement on Form N–1A

under section 8(b) of the Act. In 1985,

First Colonial first registered securities

under the Securities Act of 1933.

2. First Colonial is organized as a

corporation under the laws of the state

of Utah and has its principal place of

business in the state of California.

3. Section 54(a) of the Act provides

that any company that satisfies the

definition of a BDC under section 2(a)

(48) (A) and (B) may elect to be subject

to the provisions of sections 55 through

65 of the Act and be regulated as a BDC

by filing with the SEC a notification of

such election, if such company: (i) Has

a class of its equity securities registered

under section 12 of the Securities

Exchange Act of 1934 (the ‘‘Exchange

Act’’); or (ii) has filed a registration

statement pursuant to section 12 of the

Exchange Act for a class of its equity

securities.

4. On June 29, 1995, First Colonial

elected BDC status by filing a Form N–

54A.

5. Section 8(f) of the Act permits the

SEC to deregister a registered

investment company on its own motion

if it finds that the company has ceased

to be an investment company.

6. Section 8 of the Act, requiring

registration of investment companies,

does not apply to BDCs. After an

existing registered investment company

has filed an election to be regulated as

a BDC, the SEC on its own motion will

declare by order under section 8(f) that

the company’s registration under the

Act has ceased to be in effect. Such an

order will be made effective

retroactively, as of the time the SEC

received the company’s election.1

7. The SEC finds that First Colonial

ceased to be a registered investment

company on June 29, 1995.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–1036 Filed 1–23–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC—21682; No. 812–9756]

Protective Life Insurance Company, et

al.

January 17, 1996.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of Application for an

Exemption pursuant to the Investment

Company Act of 1940 (the ‘‘1940 Act’’).

APPLICANTS: Protective Life Insurance

Company (the ‘‘Company’’), Protective

Variable Life Separate Account (the

‘‘Account’’), and Investment

Distributors, Inc. (the ‘‘Underwriter’’).

RELEVANT 1940 ACT SECTIONS: Order

requested pursuant to section 6(c) of the

1940 Act seeking exemptions from the

provision of section 27(c)(2) thereof and

from Rule 6e–3(T)(c)(4)(v) thereunder.

SUMMARY OF APPLICATION: Applicants

seek an order permitting them and any

other separate account established in

the future by the Company (the ‘‘Future

Accounts,’’ collectively, with the

Account, the ‘‘Accounts’’) to support

certain flexible premium variable life

insurance policies offered currently or

in the future by the Company

(collectively, the ‘‘Contracts’’) to deduct

from premiums received under the

Contracts a charge in an amount that is

reasonable in relation to the Company’s

increased federal income tax burden

related to the receipt of such premium

payments and that results from the

application of section 848 of the Internal

Revenue Code of 1986, as amended (the

‘‘Code’’).

FILING DATE: The application was filed

on September 8, 1995.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the Secretary of

the Commission and serving Applicants

with a copy of the request, personally or

by mail. Hearing requests must be

received by the Commission by 5:30

p.m. on February 12, 1996, and must 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 Secretary of

the Commission.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 5th Street,

NW., Washington, DC 20549.

Applicants, c/o Lizabeth R. Nichols,

Esq., Protective Life Insurance

Company, 2801 Highway 280 South,

Birmingham, Alabama 35223.

FOR FURTHER INFORMATION CONTACT:

Kevin M. Kirchoff, Senior Counsel, or

Patrice M. Pitts, Special Counsel, Office

of Insurance Products (Division of

Investment Management), at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application; the complete application is

available for a fee from the Public

Branch of the Commission.

Applicants’ Representations

1. The Company, a stock life

insurance company organized pursuant

to the laws of the State of Alabama in

1907, and redomesticated under the

laws of the State of Tennessee in 1992,