Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 16a-1 -- Exemption for Initial Period of Directors of Certain Registered Accounts from Requirements of Election by Security Holders
Persons serving as the directors of a registered separate
account shall, prior to the first meeting of such account's variable annuity contract
owners, be exempt from the requirement of section
16(a) of the Act that such persons be elected by the holders of outstanding voting
securities of such account at an annual or special meeting called for that purpose,
subject to the following conditions:
Such registered separate account qualifies for exemption
from section 14(a) of the Act pursuant to
Rule 14a-1 or is exempt therefrom by order of the Commission
upon application; and
Such persons have been appointed directors of such
account by the establishing insurance company; and
An election of directors for such account shall be
held at the first meeting of variable annuity contract owners after the effective
date of the registration statement under the Securities Act of 1933, as amended,
relating to contracts participating in such account: Provided, That such meeting
shall take place within 1 year after such effective date, unless the time for the
holding of such meeting shall be extended by the Commission upon written request
showing good cause therefor.
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