21214 Federal Register / Vol. 61, No. 91 / Thursday, May 9, 1996 / Notices

proceeding must file a written request

for a hearing and a petition for leave to

intervene. Requests for a hearing and a

petition for leave to intervene shall be

filed in accordance with the

Commission’s ‘‘Rules of Practice for

Domestic Licensing Proceedings’’ in 10

CFR Part 2. Interested persons should

consult a current copy of 10 CFR 2.714

which is available at the Commission’s

Public Document Room, the Gelman

Building, 2120 L Street, NW.,

Washington, DC, and at the local public

document room located at the Perry

Public Library, 3753 Main Street, Perry,

Ohio. If a request for a hearing or

petition for leave to intervene is filed by

the above date, the Commission or an

Atomic Safety and Licensing Board,

designated by the Commission or by the

Chairman of the Atomic Safety and

Licensing Board Panel, will rule on the

request and/or petition; and the

Secretary or the designated Atomic

Safety and Licensing Board will issue a

notice of hearing or an appropriate

order.

As required by 10 CFR 2.714, a

petition for leave to intervene shall set

forth with particularity the interest of

the petitioner in the proceeding, and

how that interest may be affected by the

results of the proceeding. The petition

should specifically explain the reasons

why intervention should be permitted

with particular reference to the

following factors: (1) The nature of the

petitioner’s right under the Act to be

made party to the proceeding; (2) the

nature and extent of the petitioner’s

property, financial, or other interest in

the proceeding; and (3) the possible

effect of any order which may be

entered in the proceeding on the

petitioner’s interest. The petition should

also identify the specific aspect(s) of the

subject matter of the proceeding as to

which petitioner wishes to intervene.

Any person who has filed a petition for

leave to intervene or who has been

admitted as a party may amend the

petition without requesting leave of the

Board up to 15 days prior to the first

prehearing conference scheduled in the

proceeding, but such an amended

petition must satisfy the specificity

requirements described above.

Not later than 15 days prior to the first

prehearing conference scheduled in the

proceeding, a petitioner shall file a

supplement to the petition to intervene

which must include a list of the

contentions which are sought to be

litigated in the matter. Each contention

must consist of a specific statement of

the issue of law or fact to be raised or

controverted. In addition, the petitioner

shall provide a brief explanation of the

bases of the contention and a concise

statement of the alleged facts or expert

opinion which support the contention

and on which the petitioner intends to

rely in proving the contention at the

hearing. The petitioner must also

provide references to those specific

sources and documents of which the

petitioner is aware and on which the

petitioner intends to rely to establish

those facts or expert opinion. Petitioner

must provide sufficient information to

show that a genuine dispute exists with

the applicant on a material issue of law

or fact. Contentions shall be limited to

matters within the scope of the

amendment under consideration. The

contention must be one which, if

proven, would entitle the petitioner to

relief. A petitioner who fails to file such

a supplement which satisfies these

requirements with respect to at least one

contention will not be permitted to

participate as a party.

Those permitted to intervene become

parties to the proceeding, subject to any

limitations in the order granting leave to

intervene, and have the opportunity to

participate fully in the conduct of the

hearing, including the opportunity to

present evidence and cross-examine

witnesses.

If a hearing is requested, the

Commission will make a final

determination on the issue of no

significant hazards consideration. The

final determination will serve to decide

when the hearing is held.

If the final determination is that the

amendment request involves no

significant hazards consideration, the

Commission may issue the amendment

and make it immediately effective,

notwithstanding the request for a

hearing. Any hearing held would take

place after issuance of the amendment.

If the final determination is that the

amendment request involves a

significant hazards consideration, any

hearing held would take place before

the issuance of any amendment.

A request for a hearing or a petition

for leave to intervene must be filed with

the Secretary of the Commission, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, Attention:

Docketing and Services Branch, or may

be delivered to the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW., Washington, DC, by

the above date. Where petitions are filed

during the last 10 days of the notice

period, it is requested that the petitioner

promptly so inform the Commission by

a toll-free telephone call to Western

Union at 1–(800) 248–5100 (in Missouri

1-(800) 342–6700). The Western Union

operator should be given Datagram

Identification Number N1023 and the

following message addressed to Gail H.

Marcus: petitioner’s name and

telephone number, date petition was

mailed, plant name, and publication

date and page number of this Federal

Register notice. A copy of the petition

should also be sent to the Office of the

General Counsel, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555, and to Jay E. Silberg, Shaw,

Pittman, Potts & Trowbridge, 2300 N

Street, NW., Washington, DC 20037,

attorney for the licensee.

Nontimely filings of petitions for

leave to intervene, amended petitions,

supplemental petitions and/or requests

for hearing will not be entertained

absent a determination by the

Commission, the presiding officer or the

presiding Atomic Safety and Licensing

Board that the petition and/or request

should be granted based upon a

balancing of the factors specified in 10

CFR 2.714(a)(1) (i)–(v) and 2.714(d).

For further details with respect to this

action, see the application for

amendment dated April 26, 1996, which

is available for public inspection at the

Commission’s Public Document Room,

the Gelman Building, 2120 L Street,

NW., Washington, DC, and at the local

public document room located at the

Perry Public Library, 3753 Main Street,

Perry, Ohio.

Dated at Rockville, Maryland, this 3rd day

of May 1996.

For the Nuclear Regulatory Commission.

Jon B. Hopkins, Sr.,

Project Manager, Project Directorate III–3,

Division of Reactor Projects—III/IV, Office of

Nuclear Reactor Regulation.

[FR Doc. 96–11603 Filed 5–8–96; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

21936; 811–4502]

Pierre Funding Corporation; Notice of

Application

May 2, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Pierre Funding Corporation.

RELEVANT ACT SECTION: Order requested

under Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring it has ceased to

be an investment company.

FILING DATE: The application was filed

on December 18, 1995, and was

amended on April 30, 1996.
Federal Register / Vol. 61, No. 91 / Thursday, May 9, 1996 / Notices 21215

1 15 U.S.C. 78s(b)(1).

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

May 27, 1996, 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, 805 Third Avenue, New

York, New York 10022.

FOR FURTHER INFORMATION CONTACT:

Sarah A. Wagman, Staff Attorney, at

(202) 942–0654, or Alison E. Baur,

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.

Applicant’s Representations

1. Applicant, a New York corporation,

registered as a closed-end investment

company under the Act by filing with

the SEC a notification of registration on

Form N–8A on November 26, 1985. On

July 25, 1986, applicant filed a

registration statement on Form N–5,

which became effective in December,

1986. In June, 1987, applicant issued

shares of its common stock through a

public offering. There has been no other

public offering of applicant’s securities,

and applicant presently does not intend

to make any other public offering of its

securities. Applicant is licensed and

regulated as a Specialized Small

Business Investment Company by the

United States Small Business

Administration (‘‘SBA’’) under the

Small Business Investment Company

Act of 1958 (‘‘SBICA’’).

2. Applicant states that there are 22

beneficial holders of its shares. As of

November 30, 1995, applicant also had

outstanding SBA-guaranteed debentures

in an aggregate principal amount of

approximately $4.1 million. These

Debentures are not convertible into,

exchangeable for, or accompanied by,

any equity security. Applicant’s

common stock is not traded on an active

market.

3. As of November 30, 1995, applicant

had assets aggregating $11,335,023. Of

that amount, $10,894,910 is attributable

to applicant’s loan portfolio, $85,813 is

attributable to real estate acquired in

foreclosure of delinquent loans, $40,906

is cash, $195,317 is accrued interest,

and $118,077 represents the value of

other assets. Applicant’s liabilities

consisted of approximately $4.1 million

in SBA debentures, $250,000 in deferred

income, and $1.7 million in other

liabilities. As of November 30, 1995,

shareholders’ equity consisted of

approximately $5.4 million in paid-in

capital.

4. Applicant presently is not a party

to any litigation or administrative

proceeding.

Applicant’s Legal Analysis

1. Section 8(f) of the Act provides that

whenever the SEC, upon application or

its own motion, finds that a registered

investment company has ceased to be an

investment company, the SEC shall so

declare by order. The registration of the

investment company ceases to be in

effect upon the taking effect of the order.

2. Section 3(c)(1) of the Act provides

that an issuer is not an investment

company within the meaning of the Act

if (a) its outstanding securities (other

than short-term paper) are beneficially

owned by not more than 100 persons,

and (b) it is not making and does not

presently propose to make a public

offering of securities.

3. Rule 3c–3 under the Act provides

that, for purposes of section 3(c)(1), the

holders of any debt securities offered

and sold by a small business investment

company licensed under the SBICA

shall be deemed to be one person if the

securities are (a) not convertible into,

exchangeable for, or accompanied by

any equity security and (b) guaranteed

as to timely payment of principal and

interest by the SBA and backed by the

full faith and credit of the United States.

Applicant believes that the holders of its

debentures are considered one person

under the provisions of rule 3c–3.

4. Applicant believes that, pursuant to

section 3(c)(1), it is no longer an

investment company as defined in

section 3 because, for purposes of the

Act, only 23 persons are beneficial

holders of its securities: 22 persons hold

its common stock, and one holds

debentures. Applicant is not making

and does not presently propose to make

a public offering of its securities.

Accordingly, applicant requests that the

SEC issue an order under section 8(f)

declaring that it has ceased to be an

investment company.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–11538 Filed 5–8–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37165; File No. SR–Amex–

96–15]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.

Relating to the Listing of Hybrid

Securities

May 3, 1996.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

April 26, 1996, the American Stock

Exchange, Inc. (‘‘Amex’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which Items have

been prepared by the self-regulatory

organization. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange is proposing to amend

Section 107A of the Amex Company

Guide to conform the Exchange’s listing

criteria for hybrid securities to those of

the New York Stock Exchange

(‘‘NYSE’’).

The text of the proposed rule change

is available at the Exchange and the

Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of

and basis for the proposed rule change

and discussed any comments it received

on the proposed rule change. The text

of these statements may be examined at

the places specified in Item IV below.

The self-regulatory organization has

prepared summaries, set forth in

Sections A, B, and C below, of the most

significant aspects of such statements.