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FEDERAL REGISTER

Tuesday, December 15, 1959

Title 14 AERONAUTICS AND
SPACE

Title 17 COMMODITY AND
SECURITIES EXCHANGES

Chapter II! Federal Aviation Agency
Chapter II Securities and Exchange Commission
CODIFICATION GUIDE Con.

42 CFR

page
32____ ______________________ 10108
36____ ____ ________________ 10108

43 CFR
Public land orders:
513 revoked by PLO 2024___ 10108
2024 ___________
2025 ________ l__________ 10108
10109
2026 __________________

49 CFR

SUBCHAPTER C AIRCRAFT REGULATIONS

Reg. D ocket No. 208; Arndt. 66

10108
PART 507 AIRWORTHINESS
DIRECTIVES
Fairchild F-27 Series Aircraft
Service experience has established that failure 10109
of the threads in the gimbal nuts of the wing flap actuating screw jack 74 _________________ ________________________- _________________ 10112
78
______________ - ___ ____ 10112 assembly of Fairchild F-27 Series aircraft can occur rendering the flaps inoperable or creating an asymmetrical condition offering for sale, sale or distribution of unsafe for flight.
sewing machines, or other merchandise, It is necessary in the interests of safety in commerce, as commerce is defined to require th at these gimbal nuts be in the Federal Trade Commission Act, repetitively inspected for damage. For do forthwith cease and desist from:
this reason, the Administrator finds that 1. Representing or assisting the ren notice and public procedure hereon are tailers of their sewing machines, by sup impracticable and th at good cause exists plying materials,, or otherwise, to for making this amendment effective represent any promotional plan for ob upon publication in the F ederal taining leads to prospective purchasers R e g is t e r .
in a congest unless the winners or re In consideration of the foregoing cipients of awards or prizes are all se 507.10a, 14 CFR P art 507, is hereby lected on the basis of the correctness of amended by adding the following new their answers.
airworthiness directive:
2. Representing th at awards or prizes 59-26-4
F airchild . A pplies to all P-27, are of a certain value or worth unless in P-27A, a n d F-27B a irc raft.
using such awards or prizes the recipi C om pliance re q u ire d as in d icated .
ents thereof are benefited by, or save the Because of fa ilu re of t h e gim bal n u ts in amount ofr the stated value or worth of th e wing flap a c tu a tin g screw Jacks w hich such prizes or awards.
re n d e r th e g im b a l n u t u n sa fe for f u rth e r use, 3. Representing directly or by impli th e follow ing sh a ll be accom plished p rio r to cation, or placing in the hands of others, th e n e x t passenger c arrying flig h t unless the means and instrumentalities where already "accom plished w ith in th e la s t 100
h o u rs tim e in service. T hese in sp ectio n s by they are enabled to represent, directly m u s t be re p ea te d every 100 h o u rs tim e in or by implication th at a stated price is service th e re a fte r.
the regular and usual retail price of a C heek flaps fo r p roper rigging in ac respondents sewing machines when suGh cordance w ith P-27 m a in te n a n c e m a n u a l sewing machines are regularly and usu C h a p te r 27 S u b je ct 5 m ak in g su re t h a t no ally sold at retail at lesser prices with prelo ad exists betw een th e in b o ard a n d o u t out a trade-in or without a certificate or bo ard screw jac k of each in b o ard a n d o u t ard flap. Lower flaps to approxim ately other award entitling the purchaser to a bo 16% degrees p osition. Move flap u p a n d reduction in price.
dow n a t th e tra ilin g edge a n d m ea su re or It is further ordered, That the com sense w ith Angers fo r ra d ia l o r lin e a r play plaint be, and the same hereby is, dis betw een screw jac k a n d gim bal n u t. If re la
e m ovem ent betw een t h e screw Jack a n d missed as to respondent Max H. Redtiv gim bal n u t exceeds 0.010 in c h ra d ia lly or lieh.
linearly, th e gim bal n u t m u s t b e rem oved m th e screw jac k a n d th e th re a d s visually By Decision of the Commission, etc., fro in sp e cted fo r dam age. Any in d ic a tio n of report of compliance was required as th re a d e x tru sio n or roll calls fo r im m ed iate rep lacem en t. I f relativ e m o tio n betw een th e follows:
screw jac k a n d th e gim bal n u t exceeds 0.030
It is ordered, That respondents Brother in c h lin e a r o r 0.045 in c h ra d ia l th e gim bal International Corporation of California, n u t m u s t be replaced.
b C o n d u ct visual in sp e ctio n fo r freedom a corporation and its officers; and Max m ovem ent a n d lu b ric a te all in b o ard a n d Hugel, Bernard J. Etzin and Roy Naka oo fu tb o a rd w ing flap gim bal n u t s P /N 27gawa, individually and as officers of said 165012-3, 4, -5, - 6 , P /N 27-175023-3, -4 , corporation, shall within sixty 60 days b u sh in g s P /N 27-165-13-3, a n d spindles after service upon them of this order, P /N 27-175017-21, 27-175022-3, 27-165011-21, file with the Commission a report in 27-165023-21.
F airch ild Service B u lle tin 27-18A d a te d writing setting forth in detail the m an O ctober 27, 1959, p a rtia lly covers th is ner and form in which they have com su b je c t.
plied witKthe order to cease and desist. Sec. 3 1 3 a , 601, 603; 72 S ta t. 752, 775, 776;
49 U.S.C. 1354a, 1421, 1423
Issued: October 2, 1959.
Issued in Washington, D.C., on DeBy the Commission.
cember 9, 1959
sea l
R o bert M . P a r r ish , E. R. Q tiesada, Secretary.
Administrator.
72_____________________________________10100

73_

P R . Doc. 59-10560; Piled, Dec. 14, 1959;
8:47 a.m .

10099

F.R. Doc. 59-10555; Piled, Dec. 14, 1959;
8:46 a.m .j
PART 240 GENERAL RULES A N D
REGULATIONS, SECURITIES EX
CHANGE ACT OF 1934
Exempting Certain Transactions Ef fected in Connection With Distribu tion
On October 29, 1959, in Securities Ex change Act Release No. 6103, the Secu rities and Exchange Commission an nounced a proposal to amend its Rules 16b-2 and 16c-2 240.16b-2 and 240.16c-2 under the Securities Exchange Act of 1934. The Commission has re viewed the comments and suggestions received on the proposal and has adopted the amendments as set forth below.
Section 16b of the Act provides th at any profit realized by a beneficial owner of more than 10 percent of any class of any equity security registered on a n a tional securities exchange or by a direc tor or officer of the issuer of such a security sometimes referred to herein as insiders as a result of any non-exempt short-swing transaction purchase and sale, or sale and purchase, within six months may be recovered by the issuer or by any security holder on its behalf.
Section 16c of the Act makes it unlaw ful for the insiders referred to, directly or indirectly, to sell any non-exempted equity security of such issuer 1 if they do not own the security sold, or 2 if owning it, they do not deliver it within the period specified in the section. Rules 16b-2 and 16c-2 have provided exemp tions from the above provisions for cer tain distributing transactions under specified conditions including, among others, the requirement th at persons other than insiders be participating in the distribution to an equal extent and on terms at least as favorable as the insiders.
The amendments to the above rules are intended to make it clear th at when the conditions of the rules are met, cer tain other transactions which frequently occur in connection with distributions are also exempted. These include 1
stabilizing transactions, which may in volve the purchase of outstanding secu rities of the same class rather than securities of the block being distributed, or, where a convertible security is being distributed, outstanding securities of the class subject to the conversion right; 2
transactions effected in connection with the various types of rights offerings, e.g.
lay offs in a Shields Plan type of dis tribution; and 3 transactions in con nection with so-called, standby redemp tions, i.e where convertible securities selling above their redemption price are called for redemption and at the same time arrangements are made under which dealers undertake to purchase any such securities tendered a t a price slightly higher than the redemption price, to convert them, and to distribute the underlying stock.