27942 Federal Register / Vol. 61, No. 107 / Monday, June 3, 1996 / Notices

3All of the assets and liabilities of CES will be

transferred to CES (DE) in exchange for common

stock of CES (DE) which will simultaneously be

transferred to Columbia in exchange for all

outstanding shares of CES, leaving CES (DE) the

surviving company.

4Applicants note that Delaware has followed a

policy of encouraging incorporation in that state

and, in furtherance of that policy, has adopted

comprehensive, modern and flexible corporation

laws that are periodically updated and revised to

meet changing business needs. They also note that

a majority of Columbia’s subsidiaries are already

incorporated in Delaware. In addition, Delaware,

unlike Kentucky, does not impose a tax on

intangible property. The Columbia Energy Market

Center, a division of CES that licenses and

sublicenses commodity trading software used to

operate an electronic bulletin board for the trading

of natural gas, is subject to the tax on intangible

property, the impact of which is expected to

become increasingly significant as revenues

generated by the bulletin board grow.

5CGC has no other class of equity stock

outstanding.

investment in Excel shall equal

$2,718,764.91.

Columbia Gas System, Inc., et al. (70–

8849)

Columbia Gas System, Inc.

(‘‘Columbia’’), 20 Montchanin Road,

Wilmington, Delaware 19807, a

registered holding company, and three

of its wholly-owned non-utility

subsidiaries, Columbia Energy Services

Corporation (‘‘CES’’), 121 Hill Pointe

Drive, Suite 100, Canonsburg,

Pennsylvania 15317, Columbia Natural

Resources, Inc. (‘‘CNR’’), 900

Pennsylvania Avenue, Charleston, West

Virginia 25362, and Columbia Coal

Gasification Corporation (‘‘CGC’’), 900

Pennsylvania Avenue, Charleston, West

Virginia 25362, have filed an

application-declaration under sections

6(a), 7, 9(a), 10, and 12(f) of the Act and

rules 43 and 45 thereunder.

Applicants request authorization to

reorganize their existing corporate

structure by (1) reincorporating CES in

Delaware via a merger into a newlyformed successor corporation for the

sole purpose of converting CES from a

Kentucky to a Delaware corporation and

(2) merging CGC with and into CNR

with CNR being the surviving

corporation.

The reincorporation of CES in

Delaware would be accomplished under

a plan of reorganization and merger

pursuant to which CES, a Kentucky

corporation, will be merged into CES

(DE), a newly-formed Delaware

corporation which will, by virtue of the

merger, become a wholly-owned

subsidiary of Columbia.3 CES (DE) will

succeed to all of the rights and assets of

CES and assume all of its liabilities and

obligations. The officers and directors of

CES will become the officers and

directors of CES (DE). The merger will

qualify as a tax-free reorganization

under Sections 368(a)(1) (A) and (F) of

the Internal Revenue Code of 1986, as

amended. No additional capital

financing will occur as a result of the

transaction. Applicants state that the

merger and reincorporation of CES in

Delaware will afford CES the benefits of

Delaware’s favorable business

corporation laws, allow it to conduct its

affairs in a more flexible and efficient

manner and produce significant

property tax savings.4

Columbia owns all 1,939,000

outstanding shares of common stock of

CGC, a Delaware corporation.5

Columbia would accomplish the merger

of CGC with and into CNR , a Texas

corporation, by transferring all

1,939,000 shares of CGC common stock,

$25 par value per share, to CNR in

exchange for approximately 343,000

shares of newly issued CNR common

stock, $25 par value per share. The

actual number of shares of CNR stock

will depend on the net book value of

CGC on the effective date. Based upon

the $8.581 million net book value of

CGC as of February 29, 1996, 343,245

CNR shares would be issued to

Columbia in exchange for the 1,939,000

shares of CGC transferred to CNR. The

proposed transaction will qualify as a

tax-free reorganization under Section

368(a)(1)(A) of the Internal Revenue

code of 1986, as amended. No

additional capital financing will occur

as a result of the transaction.

This exchange will make CNR the

parent corporation of CGC and the

temporary owner of 100% of CGC’s

outstanding shares. Promptly, thereafter,

CGC will be merged with and into CNR

pursuant to Article 5.16 of the Texas

Business Corporation Act. Article 5.16

provides that, upon the merger, CNR

will succeed to all of the rights and

assets of CGC and will assume all of its

liabilities and obligations.

Applicants expect the merger of CGC

and CNR to produce significant benefits

and efficiencies, including (1)

simplified and less costly internal and

external accounting operations; (2)

reduced and less costly regulatory and

compliance requirements; (3) reduced

general and administrative costs, and (4)

the realization of certain state tax

benefits associated with being a single

company.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–13803 Filed 5–31–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Reporting and Recordkeeping

Requirements Under OMB Review

ACTION: Notice of reporting requirements

submitted for review.

SUMMARY: Under the provisions of the

Paperwork Reduction Act (44 U.S.C.

Chapter 35), agencies are required to

submit proposed reporting and

recordkeeping requirements to OMB for

review and approval, and to publish a

notice in the Federal Register notifying

the public that the agency has made

such a submission.

DATE: Comments should be submitted

on or before July 3, 1996. If you intend

to comment but cannot prepare

comments promptly, please advise the

OMB Reviewer and the Agency

Clearance Officer before the deadline.

COPIES: Request for clearance (OMB 83–

1), supporting statement, and other

documents submitted to OMB for

review may be obtained from the

Agency Clearance Officer. Submit

comments to the Agency Clearance

Officer and the OMB Reviewer.

FOR FURTHER INFORMATION CONTACT:

Agency Clearance Officer: Jacqueline

White, Small Business

Administration, 409 3RD Street, S.W.,

5th Floor, Washington, D.C. 20416,

Telephone: (202) 205–6629

OMB Reviewer: Victoria Wasserman,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, New Executive Office

Building, Washington, D.C. 20503

Title: Small Business Development

Center’s Checklist.

SBA Form No.: SBA Form 59.

Frequency: Quarterly.

Description of Respondents: Small

Business Development Centers.

Annual Responses: 228.

Annual Burden: 456.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 96–13724 Filed 5–31–96; 8:45 am]

BILLING CODE 8025–01–M

SOCIAL SECURITY ADMINISTRATION

[Social Security Acquiescence Ruling 96-

1(6)]

DeSonier v. Sullivan; Method of

Application of State Intestate

Succession Law In Determining

Entitlement to Child’s Benefits

AGENCY: Social Security Administration.

ACTION: Notice of Social Security

Acquiescence Ruling.