WRL SERIES ANNUITY ACCOUNT
N-4 EL/A, 1997-07-16
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      As filed with the Securities and Exchange Commission on July 16, 1997

                                                 Registration No. 333-24959

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM N-4
             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
                      PRE-EFFECTIVE AMENDMENT NO. 2               ( X )
                      POST-EFFECTIVE AMENDMENT NO.                ( )
                                     and/or
                   REGISTRATION STATEMENT UNDER THE INVESTMENT
                               COMPANY ACT OF 1940
                       Post-Effective Amendment No. 53 (X)
                        (Check appropriate box or boxes)
- -------------------------------------------------------------------------------
    

                           WRL SERIES ANNUITY ACCOUNT
                           (Exact Name of Registrant)

                   WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
                               (Name of Depositor)
                               201 Highland Avenue
                              Largo, Florida 33770
         (Address of Depositor's Principal Executive Offices) (Zip Code)

               Depositor's Telephone Number, including Area Code:
                                 (813) 585-6565

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

                             Thomas E. Pierpan, Esq.
                  Vice President and Associate General Counsel
                   Western Reserve Life Assurance Co. of Ohio
                               201 Highland Avenue
                              Largo, Florida 33770
                     (Name and Address of Agent for Service)

                                    Copy to:
                              Stephen E. Roth, Esq.
                      Sutherland, Asbill & Brennan, L.L.P.
                         1275 Pennsylvania Avenue, N.W.
                             Washington, D.C. 20004

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

Approximate  Date of Proposed Public Offering:  As soon as practicable after the
effective date of the Registration Statement.

Pursuant to Rule 24f-2 under the Investment  Company Act of 1940, the Registrant
hereby elects to register an indefinite amount of securities being offered.

The Registrant hereby amends this  Registration  Statement on such date or dates
as may be necessary to delay its effective date until the Registrant  shall file
a further amendment which specifically  states that this Registration  Statement
shall  thereafter  become  effective  in  accordance  with  Section  8(a) of the
Securities  Act of  1933  or  until  the  Registration  Statement  shall  become
effective on such date as the Commission,  acting pursuant to said Section 8(a),
may determine.

<PAGE>
   

                           WRL SERIES ANNUITY ACCOUNT
                           WRL FREEDOM WEALTH CREATOR



The  contents  of  Registrant's   previously   filed   registration   statement,
Pre-Effective  Amendment No. 1 to the Registration  Statement on Form N-4 of the
WRL Series Annuity Account filed June 26, 1997 (File Nos. 333-24959,  811-8672),
is incorporated by reference herein in its entirety.

The following undertakings are added to Part II:

Item 32            Undertakings and Representations:


     (a)  The Registrant undertakes that it will file a post-effective amendment
          to this registration statement as frequently as is necessary to ensure
          that the audited  financial  statements in the registration  statement
          are never  more than 16 months  old for as long as  purchase  payments
          under the Contracts offered herein are being accepted.

     (b)  The Registrant  undertakes that it will include either: (1) as part of
          any application to purchase a Contract  offered by the  prospectus,  a
          space that an applicant can check to request a Statement of Additional
          Information,  or (2) a post  card  or  similar  written  communication
          affixed to or included in the prospectus that the applicant can remove
          and send to  Western  Reserve  Life  Assurance  Co. of Ohio  ("Western
          Reserve") for a Statement of Additional Information.

     (c)  The  Registrant  undertakes  to deliver any  Statement  of  Additional
          Information and any financial statements required to be made available
          under this Form N-4  promptly  upon written or oral request to Western
          Reserve at the address or phone number listed in the prospectus.

     (d)  Western Reserve hereby  represents that the fees and charges  deducted
          under the Contracts,  in the aggregate,  are reasonable in relation to
          the services rendered,  the expenses expected to be incurred,  and the
          risks assumed by Western Reserve.

    
<PAGE>


   
                                   SIGNATURES
                                   ----------

        Pursuant  to the  requirements  of the  Securities  Act of 1933  and the
Investment Company Act of 1940, as amended,  the Registrant has duly caused this
Pre-Effective  Amendment No. 2 to its Registration Statement to be signed on its
behalf by the  undersigned,  thereunder duly  authorized,  in the City of Largo,
State of Florida, on this 15th day of July, 1997.


                           WRL SERIES ANNUITY ACCOUNT
                         (Registrant)



                         By:  /s/ John R. Kenney
                              -------------------------------
                              John R. Kenney, Chairman of the Board, Chief
                              Executive Officer and President of Western Reserve
                              Life Assurance Co. of Ohio



                         WESTERN RESERVE LIFE ASSURANCE
                                   CO. OF OHIO
                         (Depositor)



                         By:    /s/ John R. Kenney
                              --------------------------------------
                              John R. Kenney, Chairman of  the Board, Chief
                              Executive Officer and President


        Pursuant  to the  requirements  of the  Securities  Act  of  1933,  this
Pre-Effective  Amendment  No. 2 to its  Registration  Statement  has been signed
below by the following persons in the capacities and on the dates indicated:


Signature                     Title                              Date
- ---------                     -----                              ----



 /s/ John R. Kenney           Chairman of the Board,           July 15, 1997
 ------------------------     Chief Executive Officer
 John R. Kenney               and President
                              (Principal Executive
                                    Officer)


/s/ Alan M. Yaeger            Executive Vice President,        July 15, 1997
- -------------------------     Actuary & Chief Financial
Alan M. Yaeger                Officer


 /s/ Allan J. Hamilton        Vice President, Treasurer        July 15, 1997
 ------------------------     and Controller
Allan J. Hamilton

    
<PAGE>
   
 /s/ Patrick S. Baird         Director                         July 15, 1997
 -----------------------
Patrick S. Baird */



 /s/ Lyman H. Treadway        Director                         July 15, 1997
 -----------------------
Lyman H. Treadway */



 /s/Jack E. Zimmerman         Director                         July 15, 1997
 -----------------------
Jack E. Zimmerman */



 /s/ James R. Walker          Director                         July 15, 1997
 -----------------------
James R. Walker */






*/  /s/ Thomas E. Pierpan
     Signed by Thomas E. Pierpan
     As Attorney-in-fact

    
<PAGE>



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