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SCRIPTA

FEDERAL
VOLUME 4

REGISTER

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1934 r A flT E D

NUMBER 58

Washington, Saturday, March 25, 1939
Rules , Regulations , Orders
TITLE 17COMMODITY AND SECU
RITIES EXCHANGES
SECURITIES AND EXCHANGE
COMMISSION
P ublic U t il it y H olding C om pany A ct
op
1935
AMENDMENT OF RULES U - 1 7 0 -1 , U1 7 0 -2
AND 0 -1 7 0 - 3

Acting pursuant to the Public Utility Holding Company Act of 1935, particu larly Section 17 c tc. 687, sec. 17, 49
Stat. 830; 15 U. S. C., Sup. m, 79q, 12
f tc. 687, sec. 12, 49 Stat. 823; 15 U. S.
C., Sup. m , 791, and 20 a c. 687, sec. 20, 49 Stat. 833; 15 U. S. C., Sup. m , 79t thereof, and finding that such ac tion will not adversely affect the public interest or the interest of investors or consumers and is appropriate to carry out the provisions of said Act, the Se curities and Exchange Commission here by amends Rules U-17C-1 Sec. 15.U17C-1, U-17C-2 Sec. 15.U-17C-2 and U-17C-3 Sec. 15.U-17C-3 adopted February 20, 1939 to become effective April 1, 19391 to read as follows:
S e c . 15.U-17C-1 Rule U-17C-1 . E x emptions from section 17 c of the act for officers and directors of operating companies. As to actifig as officer or director or both of an operating com pany, the following persons are hereby exempt from Section 17 c 2 of the Act:
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 oper ating company and 2 has no financial connection with any investment banker;
or b A person who owns, or is the desig nated representative of one or more per sons who own, the beneficial interest in 14 F. R. 1108 DI.
C. 687, sec. 17, 49 Stat. 830; 15 U. S. CL
Sup. m , 79q

1 10% or more of the outstanding vot ing securities of such company, or 2
10% or more of any class of the outstand ing securities of such company, provided the capital amount of all outstanding securities of such class aggregates more than 10% of the capital amount of all outstanding securities of such company, or 3 obligations of such company total ing 2 % or more of the corporate assets of such company at the close of the pre ceding calendar year if such obligations are in default or are held as security for a debt which is in default; or c A person who 1 is regularly em ployed by such company and/or one or more associate companies thereof and 2 devotes substantially all of his work ing time to such employment alone or together with employment by a publicutility company which is not an associate company of any registered holding com pany 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 out standing obligations of such company were issued; or e A person who is specifically au thorized by an order of the Federal Power Commission to hold every position as officer, executive officer, or director held by such person in such com p a n y and in any financial institution; or f A person whose election or ap pointment as 1 an officer or director or both of such company, or 2 a vot ing trustee of securities of such company, is specifically approved by a court of the United States in connection with the confirmation of a plan of reorgani zation, and not more than 5 years shall have elapsed since the date of such approval.
g A person whose only financial connection is a with one or more commercial banking institutions each having combined capital and surplus not in excess of $1,500,000, or b with a single investment banker which has total capital and surplus not exceeding $500,000 and which investment banker in cluding any business of which it is a
CONTENTS
RULES, REGULATIONS, ORDERS
T itle 17 C ommodity ties E xchanges :

and
S ecuri
Securities and Exchange Com mission:
Page Public Utility Holding Com pany Act of 1935, amend ment o f Rules U-17C-1, -2, and -3________________ 1327
NOTICES
Civil Aeronautics Authority:
Chicago and Southern Air Lines, Inc., issuance of certificate of public convenience and necessity----------------------- 1330
Notice of hearings:
Canadian Colonial Airways, I n c --------------------------- 1330
Pan American Airways, Inc., et al. postponement____ 1330
Pan American-Grace Airways, Inc. postponement____ 1331
Department of Agriculture:
Agricultural Adjustment Admin istration:
Toledo, Ohio, Marketing Area, reopening of hearing on regulation of handling of m ilk -------------------------- 1329
Department of the Interior:
National Bituminous Coal Com mission:
Russell, C. F., order relative to application for exemp tion -------------------------- 1329
Federal Trade Commission:
Metz Bros. Baking Co., com plaint and notice of hear ing --------1331
Orders appointing examiners, etc.:
Longwear Paint and Varnish Works Sam B e ll______ 1332
Teeterbabe Co.
of Colo.
Kersh A. S m ith_______ 1332
Rural Electrification Administra tion:
Allocation of funds for loans. 1332-33
Continued on next page
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