[Federal Register Volume 61, Number 241 (Friday, December 13, 1996)]
[Page 65613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31616]


[Investment Company Act Release No. 22376; 811-7161]

Dreyfus International Recovery Fund, Inc.; Notice of Application

December 6, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Application for Exemption Under the Investment 
Company Act of 1940 (the ``Act'').


APPLICANT: Dreyfus International Recovery Fund, Inc.


SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATES: The application was filed on June 24, 1996 and amended on 
September 20, 1996, and on November 26, 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 December 31, 
1996, 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 

ADDRESSES: Secretary, SEC, 450 5th Street, NW., Washington, DC 20549. 
Applicant, 200 Park Avenue, New York, NY 10166.

Harry Eisenstein, Staff Attorney, at (202) 942-0552, or Alison E. Baur, 
Branch Chief, (202) 942-0564 (Office of Investment Company Regulation, 
Division of Investment Management).

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, a registered open-end investment company, was 
organized as a Maryland corporation. On April 4, 1994, the applicant 
registered under section 8(a) of the Act and filed a registration 
statement on Form N-1A pursuant to section 8(b) of the Act and the 
Securities Act of 1933. The registration statement was declared 
effective on June 22, 1994 and applicant commenced its public offering 
of shares on June 29, 1994.
    2. At a meeting held on March 11, 1996, applicant's Board of 
Director's determined that it was advisable and in the best interests 
of the applicant and the applicant's securityholders to liquidate the 
applicant and distribute its assets to the securityholders. The board 
based this determination on the fact that the applicant was unable to 
attract sufficient assets to operate efficiently.
    3. On April 30, 1996, applicant's only shareholders were its 
investment adviser, Dreyfus Corporation (``Adviser''), and its sub-
adviser, M&G Corporation (``Manager''). Prior to the time of valuation 
on such date, $21,858.04 was distributed to the Manager as share 
redemption proceeds at a net asset value of $11.49 per share. Applicant 
states that the distribution of share redemption proceeds to the 
Manager prior to the distribution to the Adviser is part of the 
Adviser's procedures designed to ensure that the Manager is made whole 
upon the liquidation of a fund.
    4. At the time of valuation on April 30, 1996, 251,485.519 shares 
of common stock of the Fund were outstanding with aggregate and per 
share net asset value of $2,889,568.61 and $11.49, respectively. In 
total, applicant liquidated its securities and distributed 
$2,911.426.65 on April 30, 1996 at net asset value in cash to its 
security holders.
    5. Applicant has no assets, liabilities, outstanding debts or 
shareholders as of the time of filing the application, and is not a 
party to any litigation or administrative proceeding. Applicant is not 
engaged, nor does it propose to engage, in any business activities 
other than those necessary for the winding-up of its affairs. Applicant 
will file appropriate certificates of dissolution or similar documents 
with the state of Maryland.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-31616 Filed 12-12-96; 8:45 am]