[Federal Register Volume 61, Number 33 (Friday, February 16, 1996)]
[Notices]
[Page 6274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-3576]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21742; 811-3979]
Wood Island Growth Fund, Inc.; Notice of Application
February 12, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Wood Island Growth Fund, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on December 7, 1995, and amended
on February 8, 1996.
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 March 8, 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 NW., Washington, DC 20549.
Applicant, Wood Island, Fourth Floor, 80 East Sir Francis Drake
Boulevard, Larkspur, California 94939.
FOR FURTHER INFORMATION CONTACT: Diane L. Titus, Paralegal Specialist,
at (202) 942-0584, 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 is an open-end, diversified management company
organized as a California corporation. On January 17, 1984, applicant
filed a Notification of Registration on Form N-8A, and on April 6,
1984, applicant filed a registration statement on Form N-1A registering
an indefinite number of shares. The registration statement also related
to 57,800 common shares already issued and outstanding as of April 6,
1984, as a result of a prior private placement to qualified investors
pursuant to exemptions under the Act and the Securities Act of 1933. On
April 17, 1984, applicant's registration statement was declared
effective, and the public offering commenced soon thereafter.
2. On or about November 8, 1995, applicant mailed proxy statements
to its shareholders seeking approval to wind up and dissolve its
business. Applicant's board of directors solicited written consent in
lieu of a special meeting of shareholders and received written consent
from the majority of applicant's shareholders on or about November 20,
1995.
3. At a meeting held on October 18, 1995, applicant's board of
directors determined that it was in the best interest of the
shareholder to liquidate. The board's decision was based primarily on
the small size of applicant and its resulting high ratio of expenses to
average net assets. Additionally, the relatively small size of
applicant made it difficult to achieve the diversification and
investment objectives sought by applicant.
4. On December 1, 1995, all of applicant's then issued and
outstanding shares were redeemed. All redemptions were made at net
asset value on the date of redemption.
5. Liquidation expenses of $4,190 for transfer agency, accounting,
custody, tax reporting and legal fees were borne by applicant.
Liquidation expenses of $921 for proxy solicitation and mailing costs
were borne by Wood Island Associates, Inc., applicant's adviser.
6. Applicant has no securityholders, debts or liabilities at the
time of filing this application. Applicant is not a party to any
litigation or administrative proceeding.
7. Applicant is not presently engaged, nor does it propose to
engage, in any business activities other than those necessary for the
winding up of its affairs.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-3576 Filed 2-15-96; 8:45 am]
BILLING CODE 8010-01-M
