28244 Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices

in interest or for which Morgan Stanley Trust

Company (MSTC) acts as directed trustee or

custodian and securities lending agent and to

the receipt of compensation by MSTC in

connection with these transactions, provided

that the following conditions are met:’’

In addition, the Department has

revised the reference to MS&Co in the

fourth line of the fourth paragraph of

Section 2 of the Written Comments of

the Exemption (published at page

10033) to MS Broker-Dealer.

FOR FURTHER INFORMATION CONTACT: Ms.

Jan D. Broady of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Signed at Washington, DC, this 30th day of

May 1996.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 96–13914 Filed 6–3–96; 8:45 am]

BILLING CODE 4510–29–P

[Prohibited Transaction Exemption 96–44;

Exemption Application No. D–10049, et al.]

Grant of Individual Exemptions;

Sprague Electric Company

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Grant of individual exemptions.

SUMMARY: This document contains

exemptions issued by the Department of

Labor (the Department) from certain of

the prohibited transaction restrictions of

the Employee Retirement Income

Security Act of 1974 (the Act) and/or

the Internal Revenue Code of 1986 (the

Code).

Notices were published in the Federal

Register of the pendency before the

Department of proposals to grant such

exemptions. The notices set forth a

summary of facts and representations

contained in each application for

exemption and referred interested

persons to the respective applications

for a complete statement of the facts and

representations. The applications have

been available for public inspection at

the Department in Washington, D.C. The

notices also invited interested persons

to submit comments on the requested

exemptions to the Department. In

addition the notices stated that any

interested person might submit a

written request that a public hearing be

held (where appropriate). The

applicants have represented that they

have complied with the requirements of

the notification to interested persons.

No public comments and no requests for

a hearing, unless otherwise stated, were

received by the Department.

The notices of proposed exemption

were issued and the exemptions are

being granted solely by the Department

because, effective December 31, 1978,

section 102 of Reorganization Plan No.

4 of 1978 (43 FR 47713, October 17,

1978) transferred the authority of the

Secretary of the Treasury to issue

exemptions of the type proposed to the

Secretary of Labor.

Statutory Findings

In accordance with section 408(a) of

the Act and/or section 4975(c)(2) of the

Code and the procedures set forth in 29

CFR Part 2570, Subpart B (55 FR 32836,

32847, August 10, 1990) and based upon

the entire record, the Department makes

the following findings:

(a) The exemptions are

administratively feasible;

(b) They are in the interests of the

plans and their participants and

beneficiaries; and

(c) They are protective of the rights of

the participants and beneficiaries of the

plans.

Sprague Electric Company Retirement

and Savings Plan (the Plan) Located in

Cincinnati, Ohio

[Prohibited Transaction Exemption 96–44;

Exemption Application No. D–10049]

Exemption

The restrictions of sections 406(a) and

406(b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1)(A) through (E) of

the Code, shall not apply to the cash

sale (the Sale) by the Plan of its 34.2

interest in both the Group Annuity

Contract No. CG 0128203A (ELIC

Contract) issued by Executive Life

Insurance Company and the Group

Annuity Contract No. GA–4724 (MBL

Contract) issued by Mutual Benefit Life

Insurance Company to American

Annuity Group, Inc., a party in interest

with respect to the Plan; provided that

the following conditions are met: (1) the

Sale is a one-time transaction for cash;

(2) the Plan experiences no loss and

incurs no expense from the Sale; (3) the

Plan receives as consideration for the

Sale the greater of either (a) 34.2 percent

of the fair market value of the ELIC

Contract and the MBL Contract,

respectively, as determined on the date

of the Sale, or (b) 34.2 percent of the

accumulated book value of the ELIC

Contract and the MBL Contract,

respectively, as set forth in paragraph 4

of the notice of the proposed exemption,

with such determinations as to the

consideration for the Sale made by the

State Street Bank and Trust Company,

the Plan fiduciary.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption refer to the notice of

proposed exemption published on April

4, 1996, at 61 FR 15140.

Comments

The Department received three

written comments from retired

participants of the Plan with respect to

the notice of the proposed exemption.

These comments did not relate to the

subject Sale transaction. Accordingly,

after giving full consideration to the

entire record, the Department has

determined to grant the exemption.

FOR FURTHER INFORMATION CONTACT: Mr.

C. E. Beaver of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Dauphin Deposit Bank and Trust

Company Located in Harrisburg,

Pennsylvania

[Prohibited Transaction Exemption 96–45;

Application No. D–10187]

Section I—Exemption for In-Kind

Transfer of CIF Assets

The restrictions of sections 406(a) and

406(b) of the Act and the sanctions

resulting from the application of section

4975 of the Code, by reason of section

4975(c)(1)(A) through (F) of the Code,

shall not apply, as of May 31, 1996 to

the proposed in-kind transfer of assets

of plans for which Dauphin Deposit

Bank and Trust Company (Dauphin)

acts as a fiduciary (the Client Plans),

other than plans established and

maintained by Dauphin (the Bank

Plans), that are held in certain collective

investment funds maintained by

Dauphin (CIFs) in exchange for shares of

the Marketvest Funds (the Funds), openend investment companies registered

under the Investment Company Act of

1940 (the 1940 Act), in situations where

Dauphin acts as investment advisor for

the Fund and may provide some other

‘‘Secondary Service’’ to the Fund as

defined in Section V(h), in connection

with the termination of such CIFs,

provided that the following conditions

and the general conditions of Section III

are met:

(a) No sales commissions or other fees

are paid by the Client Plans in

connection with the purchase of Fund

shares through the in-kind transfer of

CIF assets, and no redemption fees are

payable in connection with the sale of

such shares by the Client Plans to the

Funds.

(b) Each Client Plan receives shares of

a Fund which have a total net asset

value that is equal to the value of the

Plan’s pro rata share of the assets of the
Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices 28245

CIF on the date of the in-kind transfer,

based on the current market value of the

CIF’s assets as determined in a single

valuation performed in the same

manner at the close of that business day

using independent sources in

accordance with Rule 17a–7 of the

Securities and Exchange Commission

(SEC) under the 1940 Act (see 17 CFR

270.17a–7) and the procedures

established by the Funds pursuant to

Rule 17a–7 for the independent

valuation of such assets. Such

procedures must require that all

securities for which a current market

price cannot be obtained by reference to

the last sale price for transactions

reported on a recognized securities

exchange or NASDAQ be valued based

on an average of the highest current

independent bid and lowest current

independent offer, as of the close of

business on the Friday preceding the

weekend of the CIF transfers,

determined on the basis of reasonable

inquiry from at least three sources that

are broker-dealers or pricing services

independent of Dauphin.

(c) All or a pro rata portion of the

assets of a Client Plan held in a CIF are

transferred in-kind to the Funds in

exchange for shares of such Funds.

(d) A second fiduciary who is

independent of and unrelated to

Dauphin (the Second Fiduciary)

receives advance written notice of the

in-kind transfer of assets of the CIFs and

full written disclosure of information

concerning the Funds, including:

(1) A current prospectus for each

Fund in which a Client Plan is

considering investing;

(2) A statement describing the fees for

investment advisory or similar services,

any secondary services as defined in

Section IV(h), and all other fees to be

charged to or paid by the Client Plan

and by the Funds, including the nature

and extent of any differential between

the rates of such fees;

(3) The reasons why Dauphin

considers investing in the Fund is an

appropriate investment decision for the

Client Plan;

(4) A statement describing whether

there are any limitations applicable to

Dauphin with respect to which assets of

a Client Plan may be invested in a Fund,

and, if so, the nature of such limitations;

and

(5) Upon request of the Second

Fiduciary, a copy of the proposed

exemption and/or a copy of the final

exemption, if granted, once such

documents are published in the Federal

Register.

(e) After consideration of the

foregoing information, the Second

Fiduciary authorizes in writing the inkind transfer of the Client Plan’s CIF

assets to a corresponding Fund in

exchange for shares of the Fund.

(f) For all in-kind transfers of CIF

assets to a Fund, Dauphin sends by

regular mail to each affected Client Plan

the following information:

(1) Within 30 days after completion of

the transaction, a written confirmation

containing:

(i) The identity of each security that

was valued for purposes of the

transaction in accordance with Rule

17a-7(b)(4);

(ii) The price of each such security

involved in the transaction;

(iii) The identity of each pricing

service or market-maker consulted in

determining the value of such securities;

and

(2) Within 90 days after completion of

each in-kind transfer, a written

confirmation containing:

(i) The number of CIF units held by

the Client Plan immediately before the

transfer, the related per unit value, and

the total dollar amount of such CIF

units; and

(ii) The number of shares in the Funds

that are held by the Client Plan

following the transfer, the related per

share net asset value, and the total

dollar amount of such shares.

(g) The conditions set forth in

paragraphs (e), (f) and (o) of Section II

below are satisfied.

Section II—Exemption for Receipt of

Fees

The restrictions of section 406(a) and

406(b) of the Act and the sanctions

resulting from the application of section

4975 of the Code, by reason of section

4975(c)(1)(A) through (F) of the Code,

shall not apply, as of April 1, 1996, to

the receipt of fees by Dauphin from the

Funds for acting as an investment

adviser for the Funds as well as for

providing other services to the Funds

which are ‘‘Secondary Services’’ as

defined in Section V(h), in connection

with the investment by the Client Plans

in shares of the Funds, provided that the

following conditions and the general

conditions of Section III are met:

(a) Each Client Plan satisfies either

(but not both) of the following:

(1) The Client Plan receives a cash

credit of such Plan’s proportionate share

of all fees charged to the Funds by

Dauphin for investment advisory

services, including any investment

advisory fees paid by Dauphin to third

party sub-advisers, no later than the

same day as the receipt of such fees by

Dauphin. The crediting of all such fees

to the Client Plans by Dauphin is

audited by an independent accounting

firm on at least an annual basis to verify

the proper crediting of the fees to each

Plan.

(2) The Client Plan does not pay any

Plan-level investment management fees,

investment advisory fees, or similar fees

to Dauphin with respect to any of the

assets of such Plan which are invested

in shares of any of the Funds. This

condition does not preclude the

payment of investment advisory or

similar fees by the Funds to Dauphin

under the terms of an investment

management agreement adopted in

accordance with section 15 of the 1940

Act, nor does it preclude the payment

of fees for Secondary Services to

Dauphin pursuant to a duly adopted

agreement between Dauphin and the

Funds.

(b) The price paid or received by a

Client Plan for shares in a Fund is the

net asset value per share at the time of

the transaction, as defined in Section

V(e), and is the same price which would

have been paid or received for the

shares by any other investor at that time.

(c) Dauphin, including any officer or

director of Dauphin, does not purchase

or sell shares of the Funds from or to

any Client Plan.

(d) No sales commissions are paid by

the Client Plans in connection with the

purchase or sale of shares of the Funds

and no redemption fees are paid in

connection with the sale of shares by

the Client Plans to the Funds.

(e) For each Client Plan, the combined

total of all fees received by Dauphin for

the provision of services to a Client

Plan, and in connection with the

provision of services to the Funds in

which the Client Plan may invest, are

not in excess of ‘‘reasonable

compensation’’ within the meaning of

section 408(b)(2) of the Act.

(f) Dauphin does not receive any fees

payable pursuant to Rule 12b-1 under

the 1940 Act in connection with the

transactions.

(g) The Client Plans are not employee

benefit plans sponsored or maintained

by Dauphin.

(h) The Second Fiduciary receives, in

advance of any initial investment by the

Client Plan in a Fund, full and detailed

written disclosure of information

concerning the Funds, including but not

limited to:

(1) A current prospectus for each

Fund in which a Client Plan is

considering investing;

(2) A statement describing the fees for

investment advisory or similar services,

any secondary services as defined in

Section IV(h), and all other fees to be

charged to or paid by the Client Plan

and by the Funds, including the nature

and extent of any differential between

the rates of such fees;
28246 Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices

(3) The reasons why Dauphin may

consider such investment to be

appropriate for the Client Plan;

(4) A statement describing whether

there are any limitations applicable to

Dauphin with respect to which assets of

a Client Plan may be invested in the

Funds, and if so, the nature of such

limitations; and

(5) Upon request of the Second

Fiduciary, a copy of the proposed

exemption and/or a copy of the final

exemption, if granted, once such

documents are published in the Federal

Register.

(i) After consideration of the

information described above in

paragraph (h), the Second Fiduciary

authorizes in writing the investment of

assets of the Client Plan in each

particular Fund and the fees to be paid

by such Funds to Dauphin.

(j) All authorizations made by a

Second Fiduciary regarding investments

in a Fund and the fees paid to Dauphin

are subject to an annual reauthorization

wherein any such prior authorization

referred to in paragraph (i) shall be

terminable at will by the Client Plan,

without penalty to the Client Plan, upon

receipt by Dauphin of written notice of

termination. A form expressly providing

an election to terminate the

authorization described in paragraph (i)

above (the Termination Form) with

instructions on the use of the form must

be supplied to the Second Fiduciary no

less than annually; provided that the

Termination Form need not be supplied

to the Second Fiduciary pursuant to this

paragraph sooner than six months after

such Termination Form is supplied

pursuant to paragraph (l) below, except

to the extent required by such paragraph

in order to disclose an additional

service or fee increase. The instructions

for the Termination Form must include

the following information:

(1) The authorization is terminable at

will by the Client Plan, without penalty

to the Client Plan, upon receipt by

Dauphin of written notice from the

Second Fiduciary; and

(2) Failure to return the Termination

Form will result in continued

authorization of Dauphin to engage in

the transactions described in paragraph

(i) on behalf of the Client Plan.

(k) For each Client Plan using the fee

structure described in paragraph (a)(1)

above with respect to investments in a

particular Fund, the Second Fiduciary

of the Client Plan receives full written

disclosure in a Fund prospectus or

otherwise of any increases in the rates

of fees charged by Dauphin to the Funds

for investment advisory services.

(l) (1) For each Client Plan using the

fee structure described in paragraph

(a)(2) above with respect to investments

in a particular Fund, an increase in the

rate of fees paid by the Fund to Dauphin

regarding any investment management

services, investment advisory services,

or similar services that Dauphin

provides to the Fund over an existing

rate for such services that had been

authorized by a Second Fiduciary in

accordance with paragraph (i) above; or

(2) For any Client Plan under this

exemption, an addition of a Secondary

Service (as defined in Section IV(h)

below) provided by Dauphin to the

Fund for which a fee is charged, or an

increase in the rate of any fee paid by

the Funds to Dauphin for any Secondary

Service that results either from an

increase in the rate of such fee or from

the decrease in the number of kind of

services performed by Dauphin for such

fee over an existing rate for such

Secondary Service which had been

authorized by the Second Fiduciary of

a Client Plan in accordance with

paragraph (i) above;

Dauphin will, at least 30 days in

advance of the implementation of such

additional service for which a fee is

charged or fee increase, provide a

written notice (which may take the form

of a proxy statement, letter, or similar

communication that is separate from the

prospectus of the Fund and which

explains the nature and amount of the

additional service for which a fee is

charged or of the increase in fees) to the

Second Fiduciary of the Client Plan.

Such notice shall be accompanied by a

Termination Form with instructions as

described in paragraph (i) above.

(m) On an annual basis, Dauphin

provides the Second Fiduciary of a

Client Plan investing in the Funds with:

(1) A copy of the current prospectus

for the Funds in which the Client Plan

invests and, upon such fiduciary’s

request, a copy of the Statement of

Additional Information for such Funds

which contains a description of all fees

paid by the Funds to Dauphin;

(2) A copy of the annual financial

disclosure report prepared by Dauphin

which includes information about the

Fund portfolios as well as audit findings

of an independent auditor within 60

days of the preparation of the report;

and

(3) Oral or written responses to

inquiries of the Second Fiduciary as

they arise.

(n) With respect to each of the Funds

in which a Client Plan invests, in the

event such Fund places brokerage

transactions with Dauphin, Dauphin

will provide the Second Fiduciary of

such Plan at least annually with a

statement specifying:

(1) The total, expressed in dollars, of

brokerage commissions of each Fund

that are paid to Dauphin by such Fund;

(2) The total, expressed in dollars, of

brokerage commissions of each Fund

that are paid by such Fund to brokerage

firms unrelated to Dauphin;

(3) The average brokerage

commissions per share, expressed as

cents per share, paid to Dauphin by

each Fund; and

(4) The average brokerage

commissions per share, expressed as

cents per share, paid by each Fund to

brokerage firms unrelated to Dauphin.

(o) All dealings between the Client

Plans and the Funds are on a basis no

less favorable to the Plans than dealings

with other shareholders of the Funds.

Section III—General Conditions

(a) Dauphin maintains for a period of

six years the records necessary to enable

the persons described below in

paragraph (b) to determine whether the

conditions of this exemption have been

met, except that (1) a prohibited

transaction will not be considered to

have occurred if, due to circumstances

beyond the control of Dauphin, the

records are lost or destroyed prior to the

end of the six-year period, and (2) no

party in interest other than Dauphin or

an affiliate shall be subject to the civil

penalty that may be assessed under

section 502(i) of the Act or to the taxes

imposed by section 4975(a) and (b) of

the Code if the records are not

maintained or are not available for

examination as required by paragraph

(b) below.

(b) (1) Except as provided below in

paragraph (b)(2) and notwithstanding

any provisions of section 504(a)(2) of

the Act, the records referred to in

paragraph (a) are unconditionally

available at their customary location for

examination during normal business

hours by—

(i) Any duly authorized employee or

representative of the Department or the

Internal Revenue Service,

(ii) Any fiduciary of the Client Plans

who has authority to acquire or dispose

of shares of the Funds owned by the

Client Plans, or any duly authorized

employee or representative of such

fiduciary, and

(iii) Any participant or beneficiary of

the Client Plans or duly authorized

employee or representative of such

participant or beneficiary;

(2) None of the persons described in

paragraph (b)(1)(ii) and (iii) shall be

authorized to examine trade secrets of

Dauphin, or commercial or financial

information which is privileged or

confidential.
Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices 28247

Section IV—Definitions

For purposes of this exemption:

(a) The term ‘‘Dauphin’’ means

Dauphin Deposit Bank and Trust

Company and any affiliate thereof as

defined below in paragraph (b) of this

section.

(b) An ‘‘affiliate’’ of a person includes:

(1) Any person directly or indirectly

through one or more intermediaries,

controlling, controlled by, or under

common control with the person;

(2) Any officer, director, employee,

relative, or partner in any such person;

and

(3) Any corporation or partnership of

which such person is an officer,

director, partner, or employee.

(c) The term ‘‘control’’ means the

power to exercise a controlling

influence over the management or

policies of a person other than an

individual.

(d) The term ‘‘Fund’’ or ‘‘Funds’’ shall

include the Marketvest Funds, Inc. or

any other diversified open-end

investment company or companies

registered under the 1940 Act for which

Dauphin serves as an investment

adviser and may also serve as a

custodian, dividend disbursing agent,

shareholder servicing agent, transfer

agent, Fund accountant, or provide

some other ‘‘Secondary Service’’ (as

defined below in paragraph (h) of this

Section) which has been approved by

such Funds.

(e) The term ‘‘net asset value’’ means

the amount for purposes of pricing all

purchases and sales calculated by

dividing the value of all securities,

determined by a method as set forth in

the Fund’s prospectus and statement of

additional information, and other assets

belonging to the Fund or portfolio of the

Fund, less the liabilities charged to each

such portfolio or Fund, by the number

of outstanding shares.

(f) The term ‘‘relative’’ means a

‘‘relative’’ as that term is defined in

section 3(15) of the Act (or a ‘‘member

of the family’’ as that term is defined in

section 4975(e)(6) of the Code), or a

brother, a sister, or a spouse of a brother

or a sister.

(g) The term ‘‘Second Fiduciary’’

means a fiduciary of a Client Plan who

is independent of and unrelated to

Dauphin. For purposes of this

exemption, the Second Fiduciary will

not be deemed to be independent of and

unrelated to Dauphin if:

(1) Such fiduciary directly or

indirectly controls, is controlled by, or

is under common control with Dauphin;

(2) Such fiduciary, or any officer,

director, partner, employee, or relative

of the fiduciary is an officer, director,

partner or employee of Dauphin (or is a

relative of such persons);

(3) Such fiduciary directly or

indirectly receives any compensation or

other consideration for his or her own

personal account in connection with

any transaction described in this

exemption.

If an officer, director, partner or

employee of Dauphin (or relative of

such persons), is a director of such

Second Fiduciary, and if he or she

abstains from participation in (i) the

choice of the Client Plan’s investment

adviser, (ii) the approval of any such

purchase or sale between the Client Plan

and the Funds, and (iii) the approval of

any change in fees charged to or paid by

the Client Plan in connection with any

of the transactions described in Sections

I and II above, then paragraph (g)(2) of

this section shall not apply.

(h) The term ‘‘Secondary Service’’

means a service other than an

investment management, investment

advisory, or similar service, which is

provided by Dauphin to the Funds.

However, for purposes of Section II(k),

the term ‘‘Secondary Service’’ will not

include any brokerage services provided

to the Funds by Dauphin for the

execution of securities transactions

engaged in by the Funds.

(i) The term ‘‘Termination Form’’

means the form supplied to the Second

Fiduciary which expressly provides an

election to the Second Fiduciary to

terminate on behalf of a Client Plan the

authorization described in paragraph (i)

of Section II. Such Termination Form

may be used at will by the Second

Fiduciary to terminate an authorization

without penalty to the Client Plan and

to notify Dauphin in writing to effect a

termination by selling the shares of the

Funds held by the Client Plan

requesting such termination within one

business day following receipt by

Dauphin of the form; provided that if,

due to circumstances beyond the control

of Dauphin, the sale cannot be executed

within one business day, Dauphin shall

have one additional business day to

complete such sale.

Effective Date

This exemption is effective as of May

31, 1996, for the in-kind transfers of CIF

assets described in Section I. In

addition, this exemption is effective as

of April 1, 1996, for the receipt of fees

by Dauphin described in Section II for

cash investments made by Client Plans

in shares of the Funds which do not

involve any in-kind transfer of CIF

assets to such Funds.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

March 12, 1996, at 61 FR 10017.

Notice to Interested Persons

The applicant represents that it was

unable to notify interested persons

within the time period specified in the

Federal Register notice published on

March 12, 1996. The applicant states

that interested persons were notified, in

the manner agreed upon between the

applicant and the Department, by April

3, 1996. Interested persons were advised

that they had until May 3, 1996 to

comment on the proposed exemption.

Written Comments and Modifications

The applicant submitted the following

comments and requests for

modifications regarding the notice of

proposed exemption (the Proposal).

With respect to Section I(g) of the

Proposal, the applicant states that the

cross-reference to paragraph (n) of

Section II should be changed to

paragraph (o). The Department

acknowledges the applicant’s requested

clarification and has so modified the

language of the exemption.

With respect to Section IV(i) of the

Proposal, the applicant states that the

cross-reference to paragraph (h) of

Section II should be changed to

paragraph (i). The Department

acknowledges the applicant’s requested

clarification and has so modified the

language of the exemption.

With respect to the effective dates for

the exemption, the applicant notes that,

consistent with the representations

made in the application, the Proposal

provided that the effective date of the

exemption should be March 29, 1996.

However, the applicant states that the

target date for the in-kind transfers of

CIF assets to the Funds has been

changed to May 31, 1996. Therefore, the

effective date for the exemption under

Section I for the in-kind transfers of CIF

assets to the Funds should be changed

to May 31, 1996. However, the applicant

states that new Client Plans that have

just retained Dauphin as trustee may

seek to invest in the Funds prior to that

date. Thus, the applicant requests that

the effective date for the exemption

under Section II concerning the receipt

of fees by Dauphin from the Funds for

investments in the Funds made by new

Client Plans should be April 1, 1996.

The Department acknowledges the

applicant’s requested clarification and

has so modified the paragraph in the

exemption relating to the effective date

for the transactions described in Section

I (the in-kind transfers of CIF assets to

the Funds) and Section II (the receipt of

fees by Dauphin from the Funds).
28248 Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices

No other comments, and no requests

for a hearing, were received by the

Department on the Proposal.

Accordingly, based on all of the facts

and representations made by the

applicant, the Department has

determined to grant the proposed

exemption as modified.

FOR FURTHER INFORMATION CONTACT: Mr.

E. F. Williams of the Department,

telephone (202) 219–8194. (This is not

a toll-free number.)

General Information

The attention of interested persons is

directed to the following:

(1) The fact that a transaction is the

subject of an exemption under section

408(a) of the Act and/or section

4975(c)(2) of the Code does not relieve

a fiduciary or other party in interest or

disqualified person from certain other

provisions to which the exemptions

does not apply and the general fiduciary

responsibility provisions of section 404

of the Act, which among other things

require a fiduciary to discharge his

duties respecting the plan solely in the

interest of the participants and

beneficiaries of the plan and in a

prudent fashion in accordance with

section 404(a)(1)(B) of the Act; nor does

it affect the requirement of section

401(a) of the Code that the plan must

operate for the exclusive benefit of the

employees of the employer maintaining

the plan and their beneficiaries;

(2) These exemptions are

supplemental to and not in derogation

of, any other provisions of the Act and/

or the Code, including statutory or

administrative exemptions and

transactional rules. Furthermore, the

fact that a transaction is subject to an

administrative or statutory exemption is

not dispositive of whether the

transaction is in fact a prohibited

transaction; and

(3) The availability of these

exemptions is subject to the express

condition that the material facts and

representations contained in each

application accurately describes all

material terms of the transaction which

is the subject of the exemption.

Signed at Washington, D.C., this 30th day

of May, 1996.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 96–13915 Filed 6–3–96; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL AERONAUTICS AND

SPACE ADMINISTRATION

[Notice 96–053]

Notice of Prospective Copyright

License

AGENCY: National Aeronautics and

Space Administration.

ACTION: Notice of Prospective Copyright

License.

SUMMARY: NASA hereby gives notice

that NextGen Systems, Incorporated,

1006 W. Ninth Avenue, King Of Prussia,

Pennsylvania 19406, has applied for a

partially exclusive license to practice

the U.S. Copyright in the ‘‘Method for

Visually Integrating Multiple Data

Acquisition Technologies for Real Time

and Retrospective Analysis Software

Code’’ (also known as ‘‘Crew Response

Evaluation Window (CREW)’’), for

which a U.S. Copyright Registration

Application was filed on May 3, 1996,

by the United States of America as

represented by the Administrator of the

National Aeronautics and Space

Administration. Written objections to

the prospective grant of a license should

be sent to Ms. Robin W. Edwards, Patent

Attorney, Langley Research Center.

DATES: Responses to this notice must be

received by August 5, 1996.

FOR FURTHER INFORMATION CONTACT: Ms.

Robin W. Edwards, Patent Attorney,

NASA Langley Research Center, Mail

Cope 212, Hampton, VA 23681;

telephone (804) 864–3230.

Dated: May 24, 1996.

Edward A. Frankle,

General Counsel.

[FR Doc. 96–13893 Filed 6–3–96; 8:45 am]

BILLING CODE 7510–01–M

[Notice 96–054]

Notice of Prospective Patent License

AGENCY: National Aeronautics and

Space Administration.

ACTION: Notice of Prospective Patent

License.

SUMMARY: NASA hereby gives notice

that NextGen Systems, Incorporated,

1006 W. Ninth Avenue, King Of Prussia,

Pennsylvania 19406, has applied for an

exclusive license to practice the

invention disclosed in NASA Case No.

LAR–15,367–1, entitled ‘‘Method for

Visually Integrating Multiple Data

Acquisition Technologies for Real Time

and Retrospective Analysis’’ (also

known as ‘‘Crew Response Evaluation

Window (CREW)’’), for which a U.S.

Patent Application was filed on April 3,

1996 by the United States of America as

represented by the Administrator of the

National Aeronautics and Space

Administration. Written objections to

the prospective grant of a license should

be sent to Ms. Robin W. Edwards, Patent

Attorney, Langley Research Center.

DATE: Responses to this notice must be

received by August 5, 1996.

FOR FURTHER INFORMATION CONTACT:

Ms. Robin W. Edwards, Patent Attorney,

NASA Langley Research Center, Mail

Code 212, Hampton, VA 23681; (804)

864–3230.

Dated: May 24, 1996.

Edward A. Frankle,

General Counsel.

[FR Doc. 96–13894 Filed 6–3–96; 8:45 am]

BILLING CODE 7510–01–M

NATIONAL BANKRUPTCY REVIEW

COMMISSION

Public Meeting

AGENCY: National Bankruptcy Review

Commission.

ACTION: Notice of public meeting.

TIME AND DATE: Thursday, June 20, 1996;

9:00 A.M. to 5:00 P.M. and Friday, June

21, 1996; 9:00 A.M. to 3:00 P.M.

PLACE: Georgetown University Law

Center, Meeting Room: Room 141, 600

New Jersey Avenue, N.W., Washington,

D.C. 20001–2022.

ACCESS: As a result of on-going

construction at the site, it is suggested

that the public use the Second Street

entrance to the Law Center.

STATUS: The meeting will be open to the

public.

MATTERS TO BE CONSIDERED: General

administrative matters for the

Commission, including substantive

agenda; Commission will hear from

invited witnesses; Commission

subgroups will consider the following

substantive matters: improving

jurisdiction and procedure; consumer

bankruptcy; Chapter 11: uses and

consequences; small businesses and

partnerships: a special case?;

government as creditor or debtor; mass

torts, future claims, and bankruptcy;

service to the estate: ethical and

economic choices; the global economy:

preparing for transnational insolvencies.

CONTACT PERSONS FOR FURTHER

INFORMATION: Contact Susan JensenConklin or Carmelita Pratt at the

National Bankruptcy Review

Commission, Thurgood Marshall

Federal Judiciary Building, One

Columbus Circle, N.E., Suite G–350,