[Federal Register Volume 59, Number 229 (Wednesday, November 30, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29465]


[[Page Unknown]]

[Federal Register: November 30, 1994]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20730; 811-5894]

 

Iowa Business Development Finance Corporation; Notice of 
Application for Deregistration

November 23, 1994.
Agency: Securities and Exchange Commission (``SEC'').

Action: Notice of Application for Deregistration under the Investment 
Company Act of 1940 (the ``Act'').

-----------------------------------------------------------------------

Applicant: Iowa Business Development Finance Corporation.

Relevant Act Section: Section 8(f).

Summary of Application: Applicant seeks an order declaring that it has 
ceased to be an investment company.

Filing Date: The application was filed on October 26, 1994.

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 December 19, 
1994, 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 who wish to 
be notified of a hearing may request notification by writing to the 
SEC's Secretary.

Addresses: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C. 
20549. Applicant, 200 East Grand Avenue, Des Moines, Iowa 50309.

For Further Information Contact: Marc Duffy, Senior Attorney, at (202) 
942-0565, or C. David Messman, 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 closed-end diversified management investment 
company organized as an Iowa corporation. On August 28, 1989, applicant 
registered under section 8(a) of the Act. On January 2, 1990, applicant 
filed a registration statement under section 8(b) of the Act. Applicant 
did not file a registration statement under the Securities Act of 1933 
but rather undertook a private offering of its securities under Rule 
506 of Regulation D under the Securities Act of 1933.
    2. Applicant has 174 shareholders, consisting exclusively of banks 
and bank holding companies, three insurance companies, and one utility 
company.
    3. The purpose of the applicant is to advance economic development 
in the State of Iowa. Applicant is authorized by and regulated under 
the Iowa Business Development Finance Act of 1988 (the ``Iowa Act''). 
The Iowa Act provides for pervasive government regulation of applicant. 
As required by the Iowa Act, applicant's board of directors consists of 
twelve directors, seven of whom are Iowa public officials. Among 
applicant's public directors are the Iowa Superintendent of Banking and 
the Iowa Commissioner of Insurance. Applicant's president is appointed 
by the Director of the Iowa Department of Economic Development (the 
``Department'') from the division within the Department that 
administers business financial assistance programs. Currently, two 
employees of the Department are the only officers of applicant.
    4. The Iowa Act requires applicant to submit annual reports of its 
operations and condition to the Iowa Governor and the Iowa Legislature. 
The Iowa Act also gives the Department authority to request the Iowa 
Superintendent of Banking to examine applicant and submit a report to 
the Department, with copies to the Governor and Iowa Legislature.
    5. Applicant received an order from the SEC under section 6(c) 
granting an exemption from all provisions of the Act.\1\ Thus, 
applicant was exempted from the requirement that it register as an 
investment company under the Act. In the application for the exemptive 
order, applicant undertook to file an application under section 8(f) of 
the Act for an order declaring that it ceased to be an investment 
company. Upon deregistration, applicant will remain an ongoing 
corporation subject to regulation under the Iowa Act.
---------------------------------------------------------------------------

    \1\Investment Company Act Release Nos. 20542 (Sept. 8, 1994) 
(notice) and 20596 (Oct. 4, 1994) (order).
---------------------------------------------------------------------------

    6. As of August 31, 1994, applicant had assets of approximately 
$6.7 million consisting primarily of cash, and debt and equity 
securities. After deregistration, applicant will continue as an ongoing 
entity, and thus there will be no winding-up of applicant's affairs and 
no distributions to shareholders relating to a winding up of affairs. 
Applicant is not a party to any litigation or administrative 
proceedings.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-29465 Filed 11-29-94; 8:45 am]
BILLING CODE 8010-01-M