Je veux savoir à propos de…

4.760

FEDERAL REGISTER, Saturday, December 2, 1939

mentioned integrated electric public-util ity systems, The Franklin Real Estate Company;
And, as an approved subsidiary service company, American Gas and Electric Service Corporation; and Applicant further claims that no un fairness or inequity in voting power ex ists within its system.
Therefore, applicant requests th at the Commission approve the continuance of the systems of applicant as now consti tuted and therein proposed as and in full compliance with the provisions of Sec tion 11 of the Public Utility Holding Com pany Act of 1935.
It being the duty of the Commission by virtue of the provisions of Section 11 a of the Public,Utility Holding Com pany Act of 1935 to examine the corpo rate structure of every registered holding company and subsidiary company there of, the relationships among the com panies in the holding-company system of every such company and the charac ter of the interests thereof and the prop erties owned or controlled thereby to de termine the extent to which the corpo rate structure of such holding-company system and the companies therein may be simplified, unnecessary complexities therein eliminated, voting power fairly and equitably distributed among the holders of securities thereof, and the properties and business thereof confined to those necessary or appropriate to the operations of an integrated public-util ity system; and It being the duty of the Commission pursuant to Section 11 b 1 of said Act to require by order, after notice and opportunity for hearing, that each regis tered holding company, and each sub sidiary company thereof,shall take such action as the Commission shall find nec essary to limit the operations of the holding-company system of which such company is a part to a single integrated public-utility system, and to such other businesses as are reasonably incidental, or economically necessary or appropri ate to the operations of such integrated public-utility system, except that one or more additional integrated public-utility
systems may be retained if the Commis sion finds that such additional systems satisfy the provisions of clauses A, B
and C of said-Section 11 b 1; and It being the duty of the Commission pursuant to Section 11 b 2 of said Act to require by order, after notice and opportunity for hearing, that each reg istered holding company, and each sub sidiary company thereof, shall take such steps as the Commission shall find neces sary to ensure that the corporate struc ture or continued existence of any com pany in the holding-company system does not unduly or unnecessarily compli cate the "structure, or unfairly or in equitably distribute voting power among security holders, of such holding-com pany system, and to require each reg istered holding company and any com pany in the same holding-company sys tem with such company to take such action as the Commission shall find nec essary in order that such holding com pany shall cease to be a holding company with respect to each of its subsidiary companies which itself has a subsidiary company which is a holding company.
Notice is hereby given of a hearing on the aforementioned application of American Gas and Electric Company and its subsidiaries and generally to de termine the manner and extent to which the properties and business of American Gas and Electric Holding-Company Sys tem shall be confined to those necessary or appropriate to the operations of an integrated public-utility system, and to determine the action which American Gas and Electric Company and its sub sidiary companies shall be required to take, by order of the Commission, in order to limit the operations of Ameri can Gas and Electric Holding-Company System to a single integrated publicutility system, and to such other busi nesses as are reasonably incidental, or economically necessary or appropriate to the operations of such integrated pub lic-utility system, except that one or more additional integrated public-utility systems may be retained if the Commis sion finds that such additional systems satisfy the provisions of clauses A, B
and C of Section 11 b 1 of said
Act; and further to determine the extent to which the corporate structures of American Gais and Electri Company and its subsidiary companies may be simpli fied, unnecessary complexities therein eliminated, and voting power fairly and equitably distributed among the holders of securities thereof, and to determine the steps which said companies shall be required to take, by order of the Com mission, in order to ensure that the cor porate structure or continued existence of any company in the American Gas and Electric Holding-CompanySystem does not unduly or unnecessarily compli cate the structure, or unfairly or inequi tably distribute voting power among security holders, of American Gas and Electric Holding-Company System.
It is ordered, That the hearing on said matters be held on January 29, 1940, at 10:00 oclock in the forenoon of that day at the Securities and Ex change Building, 1778 Pennsylvania Avenue NW., Washington, D. C. On such day the hearing-room clerk in Room 1102 will advise as to the room where such hearing will be held!
It is further ordered, That Richard Townsend or any other officer or officers of the Commission designated by it for that purpose shall preside at the hear ings on such matters. The officer so designated to preside at such hearing is hereby authorized to exercise all powers granted to the Commission under Sec tion 18 c of said Act and to a trial examiner under the Commissions Rules of Practice to continue or postpone said hearing from time to time.
Notice of such hearing is also given to any person whose participation in such proceedings may be in the public interest or for the protection of investors or consumers. It is requested that any person desiring to be heard or to be ad mitted as a party to such proceeding shall file a notice to that effect with the Commission on or before January 22, 1940.
By the Commission.
seal !
F rancis P. B rassor, Secretary.
P. R. Doc. 39-4460; Piled, December %, 1939;
11:41 a. m.