sons are hereby exempt from section 17 | the confirmation of a plan of reorgani(c) of the Act (49 Stat. 831; 15 U.S.C., zation, and not more than 5 years shall Sup., 79q (c)): have elapsed since the date of such approval; or (a) A person who (1) has no financial connection with any commercial banking institution other than one or more such institutions having their principal offices within the territory served by such operating company and (2) has no financial connection with any investment banker; or (b) A person who owns, or is the designated representative of one or more persons who own, the beneficial interest in (1) 10 percent or more of the outstanding voting securities of such company, or (2) 10 percent or more of any class of the outstanding securities of such company, Provided, The capital amount of all outstanding securities of such class aggregates more than 10 percent of the capital amount of all outstanding securities of such company, or (3) obligations of such company totaling 2 percent or more of the corporate assets of such company at the close of the preceding calendar year if such obligations are in default or are held as security for a debt which is in default; or (g) A person whose only financial connection is (1) with one or more commercial banking institutions each having combined capital and surplus not in excess of $1,500,000, or (2) with a single investment banker which has total capital and surplus not exceeding $500,000 and which investment banker (including any business of which it is a continuation) is not and has not at any time after April 1, 1939 engaged in underwriting or otherwise participating in the marketing of, or trading in (exutility or holding company; or cept as brokers), securities of any public (h) A person (1) whose only financial connection is with one or more commercial banking institutions having their principal offices within the State in which such company conducts at least 90 percent of its public-utility operations and in which such person resides, and (2) who was originally elected to his position in such company prior to April 1, 1939 pursuant to an order of, or stipulation approved by, the public service commission, corporation commission, or similar regulatory body of such State: Provided, however, That this exemption shall ex (c) A person who (1) is regularly employed by such company and/or one or more associate companies thereof and (2) devotes substantially all of his work-pire December 31, 1940. [As added, effecing time to such employment alone or together with employment by a publicutility company which is not an associate company of any registered holding company and (3) has no financial connection with any investment banker; or (d) A person who is the trustee, or is the designated representative of the trustee, under a corporate trust indenture or similar instrument under which outstanding obligations of such company were issued; or (e) A person who is specifically authorized by an order of the Federal Power Commission to hold every position as officer, executive officer, or director held by such person in such company and in any financial institution; or (f) A person whose election or appointment as (1) an officer or director or both of such company, or (2) a voting trustee of securities of such company, is specifically approved by a court of the United States in connection with tive Apr. 17, 1939; 4 F.R. 1643] by virtue of paragraphs (a) or (c) above, | Directors, Chairman of the Finance Comand (2) may, prior to January 1, 1941, mittee or Executive Committee, Presirenew or extend any of its obligations to dent, Vice President, Treasurer, Secrea commercial banking institution which|tary, Comptroller, and in the case of a were held by such institution prior to financial institution also a Cashier or April 1, 1939. (Secs. 12 (f), 17 (c), 20 Trust Officer, and (2) any other person (a), 49 Stat. 824, 831, 833; 15 U.S.C., Sup., who performs functions corresponding 791 (f), 79q (c), 79t (a)) [Rule U-17C-1, | to those normally performed by the foreas amended, Mar. 22, 1939, effective Apr. going officers, regardless of whether he 1, 1939, and as amended Apr. 17, 1939; has an official title or whether his title 4 F.R. 1327, 1643] contains a designation of assistant, and regardless of whether he is serving without salary or other compensation. NOTE: This section was adopted Feb. 20, 1939, effective Apr. 1, 1939; 4 FR. 1109, but was amended in entirety prior to Apr. 1, 1939 on Mar. 22, 1939, effective Apr. 1, 1939; 4 FR. 1327. The language of the Mar. 22, 1939 amendment set forth above was amended by the addition of paragraph (h) and by the substitution of a new first sentence in the proviso, effective Apr. 17, 1939; 4 F.R. 1643. The sentence previousy read: Provided, however, That no such company (1) shall have as many as one-half of its directors persons with financial connections within the scope of section 17 (c) of the Act or (2) shall sell, directly or indirectly, any securities to, or pursuant to an underwriting agreement with, or by participation of, a financial institution if such company or any company of which such company is a subsidiary company at any time during the preceding 12 months shall have had as an officer or director a person or persons having a financial connection with such financial institution. Paragraphs (f) and (g) were amended by substituting a semicolon for the period, and adding the word "or," effective Apr. 17, 1939; 4 F.R. 1643. (b) "Director" means any director of a corporation or any individual who performs similar functions in connection with a partnership, trust, or voting trust. (c) A “bank, trust company, investment banker, or banking association or firm" shall be deemed not to include the Reconstruction Finance Corporation, or a Federal Reserve Bank, or a bank or trust company (1) which does not accept deposits or, if accepting deposits, not less than 85 percent of whose total deposits at the end of the preceding calendar year consisted of time and savings deposits as defined by 12 CFR Part 304, or (2) not more than 10 percent of whose total loans and discounts at the end of the preceding calendar year consisted of commercial loans and discounts. (d) "Investment banker" means a person engaged in business as an underwriter or a dealer, as these terms are defined in the Securities Act of 1933, but does not include (1) a bank, trust company, banking association, or banking firm which is prohibited by statute or by § 250.17c-2 Exemptions from section 17 (c) of the Act for officers and directors of non-operating companies. As to acting as officer or director or both of any nonoperating company, the exemptions provided by § 250.17c-1 (b), (c), (d), (e), (f), and (g) shall also be applicable to a non-operating company, subject, how-rule or regulation thereunder from unever, to the limitations contained in the proviso of that section. (Secs. 12 (f), 17 (c), 20 (a), 49 Stat. 824, 831, 833; 15 U.S.C., Sup., 791 (f), 79q (c), 79t (a)) [Rule U-17C-2, as amended, Mar. 22, 1939, effective Apr. 1, 1939; 4 F.R. 13281 NOTE: This section was adopted Feb. 20, 1939, effective Apr. 1, 1939; 4 F.R. 1109. but was amended in entirety, as set forth above, prior to Apr. 1, 1939 on Mar. 22, 1939, effective Apr. 1, 1939; 4 F.R. 1328. § 250.17c-3 Definitions of terms used in section 17 (c) of the Act and rules thereunder. As used in section 17 (c) of the Act (49 Stat. 831; 15 U.S.C., Sup., 79q (c)) and rules adopted thereunder: (a) "Officer" and "Executive Officer" mean (1) a Chairman of the Board of derwriting or participating in the marketing of securities of a public-utility or holding company, or (2) a person whose activities as a dealer are limited to dealing in evidences of indebtedness secured by mortgage, deed of trust, or other lien upon real estate as such, as distinguished from usual corporate mortgage bonds and other types of corporate securities. "Investment banker" shall include a corporation a majority of whose stock having the unrestricted right to vote for the election of directors is owned by an investment banker. [As amended, effective Apr. 17, 1939; 4 F.R. 1644] (e) "Financial institution" means a bank, trust company, investment banker, or banking association or firm, or a cor company which during the preceding calendar year had corporate gross revenues derived from its operations as a public-utility company equal to at least 70 percent of the consolidated gross poration a majority of whose stock, hav- | registered holding company or subsidiary ing the unrestricted right to vote for the election of directors, is owned by a bank, trust company, investment banker or banking association or firm except a corporation (1) not engaged in the business of a bank, trust company, invest- | revenues of such company and all its subment banker, or banking association or firm and (2) a majority of whose stock, having the unrestricted right to vote for the election of directors, is owned by a financial institution which is not organized under the laws of the United States or of a State thereof and does not have its principal office located in the United States. (f) “Commercial banking institution" means any financial institution except an investment banker or a corporation a majority of whose stock, having the unrestricted right to vote for the election of directors, is owned by an investment banker. (g) A person shall be deemed to have a "financial connection" if he is an executive officer, director, partner, appointee, or representative (including a designated representative) of a financial institution. (h) "Designated representative" means a person who has been designated in writing to the Commission by not more than 10 financial institutions and/or other persons to represent them by acting as officer or director or both of a registered holding company or subsidiary company. No financial institution shall have a designated representative as an officer or director of a company unless (1) such institution is trustee under a corporate trust indenture or similar instrument under which outstanding obligations of such company were issued, or (2) such institution owns the beneficial interest in securities of such company whose capital amount exceeds one-half of 1 percent of the capital amount of all outstanding securities of such company. A designated representative shall have no financial connection other than with persons for whom he is designated representative. (i) "Capital amount" means with respect to obligations the principal amount and with respect to capital stock the par value, or, if the stock has no par value, the market value at the date of its issue. (j) "Operating company" means any sidiary companies, if any, derived from their operations as public-utility companies. (k) "Non-operating company" means any registered holding company or subsidiary company except (1) an operating company and (2) any company exempted by § 250.3d-5 from obligations, duties and liabilities imposed by the Act upon such company as a subsidiary company. (Secs. 12 (f), 17 (c), 20 (a), 49 Stat. 824, 831, 833; 15 U.S.C., Sup., 791 (f), 79q (c), 79t (a)) [Rule U-17C-3, as amended Mar. 22, 1939, effective Apr. 1, 1939, and as amended Apr. 17, 1939; 4 F.R. 1328, 1644] NOTE: This section was adopted Feb. 20, 1939, effective Apr. 1, 1939; 4 F.R. 1109, but was amended in entirety prior to Apr. 1, 1939 on Mar. 22, 1939, effective Apr. 1, 1939; 4 F.R. 1328. The language of the Mar. 22, 1939 amendment set forth above was amended by the substitution of a new paragraph (d) which substituted a comma for the period at the end of the first sentence and added the word "or" and subparagraph (2), effective Apr. 17, 1939; 4 F.R. 1644. PART 259-FORMS, PUBLIC UTILITY NOTE: Notices of the adoption, amendment or revocation of forms during the period covered by this Supplement were filed with the Division of the Federal Register but were not printed in the FEDERAL REGISTER. Notices were printed in the FEDERAL REGISTER as follows: Form U-3A-2, statement by holding company claiming exemption under § 250.3a-2 from the provisions of the Public Utility Holding Company Act of 1935, was adopted, effective Nov. 9, 1939; 4 F.R. 4548. Form U-3A3-1, three-month statement by banks claiming exemption under § 250.3a3-1 from the provisions of the Public Utility Holding Company Act of 1935, was revised Mar. 1, 1939; 4 F.R. 1108, and was revised as claiming exemption under § 250.3a3-1 from Form U-3A3-1, six-month statement by bank the provisions of the Public Utility Holding Company Act of 1935, adopted May 31, 1939; 4 F.R. 2286. Form U-6B-1, application by a subsidiary of a registered holding company, pursuant to section 6 (b), for exemption of securities expressly authorized by a State commission, was revoked, effective Apr. 1, 1939; 4 F.R. 1115. Form U-6B-2, certificate of notification | Act of 1935 regarding the issue or sale of filed by a registered holding company or subsidiary thereof pursuant to § 250.6b-2, was amended, effective Feb. 24, 1939; 4 F.R. 1098. The amendment affected items 5 and 10. Form U-6B7-1 for use by a registered holding company or subsidiary company with respect to a security transaction under the Public Utility Holding Company Act of 1935. was adopted Feb. 20, 1939; 4 F.R. 1223. Form U-7, declaration pursuant to section 7 of the Public Utility Holding Company securities or the exercise of a privilege or right to alter the priorities, preferences, voting power, or other rights of the holders of outstanding securities, was revoked, effective Apr. 1, 1939; 4 F.R. 1115. Form U-17-3, statement to be signed by officer or director with respect to whom exemption is claimed pursuant to § 250.17c-11 from the provisions of section 17 (c) of the Public Utility Holding Company Act of 1935, was revoked, effective April 1, 1939; 4 FR. 1109. TITLE 18-CONSERVATION OF POWER CHAPTER I-FEDERAL POWER COMMISSION Subchapter A-Rules of Practice and Regulations, Federal Power Act PART 1-ADMINISTRATION PETITIONS PART 32-INTERCONNECTION OF FACILITIES; EMERGENCIES; COUNTRY § 1.31 Intervening petitions. Any in- APPLICATION FOR CONSTRUCTION, OPERA- § 32.50 Who shall apply. Any person, § 32.51 Contents of application. Every application shall set forth in the (a) Information regarding applicant: (1) The exact legal name of applicant; (2) The name, title, and post office address of the person to whom correspondence in regard to the application shall be addressed; |