[Federal Register Volume 60, Number 124 (Wednesday, June 28, 1995)]
[Notices]
[Pages 33449-33450]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-15813]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21156; 811-8232]
Nationar Funds, Inc.; Notice of Application
June 21, 1995.
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: Nationar Funds, 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 May 22, 1995 and amended on
June 5, 1995.
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 July 17, 1995
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 5th Street, NW., Washington, DC 20549.
Applicant, 330 Madison Avenue, New York, New York 10017.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Staff Attorney, at
(202) 942-0574, or Robert A. Robertson, 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 at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company organized
as a New York corporation. On December 21, 1993, applicant registered
under the Act and filed a registration statement under the Securities
Act of 1933 to register its shares. The registration statement became
effective on June 13, 1994, and the initial public offering commenced
on June 16, 1994.
2. On February 6, 1995, the Acting Superintendent for the Banks of
the State of New York took possession of Nationar, applicant's
investment adviser, a commercial bank organized under the laws of the
State of New York. During a telephonic board meeting held on February
13, 1995, applicant's board of directors considered what was the
appropriate action to be taken regarding the applicant and its funds.
At that time, the board of directors took formal action to close
applicant's Money Market Portfolio as all of the shareholds other than
Nationar had redeemed their shares. At a subsequent telephonic meeting
of applicant's board of directors held on February 17, 1995, the
chairman reported that he had been contacted by most, if not all, of
the shareholders in each of applicant's other funds and had been
advised that all of them were contemplating redeeming their shares.
Throughout the period February 6, 1995 through February 17, 1995,
officers of Nationar, fund counsel and applicant's accountants had been
communicating with the SEC and the New York State Banking Department in
order to determine what action should be taken with respect to
applicant and its funds. By unanimous written consent dated March 1,
1995, the board of directors adopted resolutions authorizing the
officers of the applicant to take all such action as necessary to cease
offering shares of applicant's Money Market Portfolio, Government
Securities Portfolio, and U.S. Mortgage Securities Portfolio.
3. All assets of applicant have been distributed to shareholders
through individual redemptions. Immediately prior to the redemptions,
each fund's assets were converted into cash. No brokerage commissions
or other fees were paid in connection with the redemptions or the
conversion of portfolio securities into cash.
4. All expenses incurred in connection with the liquidation,
[[Page 33450]] approximately $37,500, consisting of legal fees and
trustee fees, were paid by applicant. Certain deferred organizational
expenses of $79,116 were assumed and paid by the Adviser.
5. As of the date of the application, applicant had no debts or
liabilities and is not a party to any litigation or administrative
proceeding.
6. Applicant is neither engaged in, nor does it propose to engage
in, any business activities other than those necessary for the winding-
up of its affairs. Applicant intends to file a certificate of
dissolution with the State of New York.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-15813 Filed 6-27-95; 8:45 am]
BILLING CODE 8010-01-M
