[Federal Register Volume 62, Number 104 (Friday, May 30, 1997)]
[Notices]
[Pages 29379-29380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14122]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22681; 811-4910]
Credit Union Government Securities Fund, Inc.; Notice of
Application
May 22, 1997.
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: Credit Union Government Securities Fund, Inc.
relevant act section: Order requested pursuant to section 8(f).
summary of application: Applicant requests an order declaring that it
has ceased to be an investment company.
filing dates: The application was filed on February 11, 1997, and
amended on May 9, 1997 and May 19, 1997.
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 June 16, 1997
and should be accompanied by proof of service on 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, c/o Lexington Management Corporation, Park 80 West,
Plaza Two, Saddle Brook, New Jersey 07663.
for further information contact: John K. Forst, Staff Attorney, at
(202) 942-0569, or Mercer E. Bullard, 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 a registered open-end management investment
company, organized as a Maryland corporation. Applicant registered on
Form N-8A under the Act and filed a registration statement on Form N-1A
under the Act and the Securities Act of 1933 on November 20, 1986, at
which time its name was ``Credit Union Government Securities Trust.''
Applicant offered shares in two series: the Government Securities
Portfolio and the Government Money Market Portfolio (each a
``Portfolio''). On January 16, 1987, the registration statement was
declared effective and applicant commenced its initial public offering.
2. As of December 31, 1987, applicant's net assets were $4.1
million, and it had approximately twelve shareholders. Between December
31, 1987 and May 17, 1988, all but one shareholder redeemed
voluntarily, and there were no communications relating to the
redemption of shares or liquidation. As of May 17, 1988, applicant's
sole shareholder was Lexington Management Corporation (the
``Adviser''), its investment adviser.
3. On May 17, 1988, applicant's board of directors adopted a plan
of complete liquidation (the ``Plan''). Prior to that meeting, the
Adviser had advised the directors that continued operation of the
applicant at its size was not economically feasible for the Adviser or
applicant's shareholder. On May 17, 1988, the Adviser, as the
Portfolios' sole shareholder, approved the Plan. On September 1, 1988,
applicant distributed $48,916.26 to the Government Securities
Portfolio's shareholder, and $15,840.13 to the Government Money Market
Portfolio's shareholder. Each distribution represented the cash value
of each Portfolio's liquidated securities and cash less expenses.
4. In connection with its liquidation, applicant incurred auditing
and legal expenses which were borne by the Adviser. The Adviser
absorbed all unamortized organizational expenses, which totaled
$48,902.68 for the Government Securities Portfolio, and $36,518.86 for
the Government Money Market Portfolio, as of September 1, 1988.
5. Applicant has no shareholders, assets, debts, or other
liabilities. Applicant is not a party to any litigation or
administrative proceeding. Applicant is not now engaged, nor does it
propose to engage, in any business activities
[[Page 29380]]
other than those necessary for the winding up of its affairs.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-14122 Filed 5-29-97; 8:45 am]
BILLING CODE 8010-01-M
