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2782

FEDERAL REGISTER, Thursday, August 8, 1940
P ublic U tility H olding C ompany A ct any of its securities at a cost not in excess
FEDERALREGISTER < W 1T E 0

Published daily, except Sundays, Mondays, and days following legal holidays by the Division of the Federal Register, The National Archives, pursuant to the authority con tained in the Federal Register Act, approved July 26, 1935 49 Stat. 500, under regula tions prescribed by the Administrative Com mittee, approved by the President.
The Administrative Committee consists of the Archivist or Acting Archivist, an officer of the Department of Justice designated by the Attorney General, and the Public Printer or Acting Public Printer.
The dally issue of the F ederal R egister will be furnished by mail to subscribers, free of postage, for $1.25 per month or $12.50 per year; single copies 10 cents each; payable in advance. Remit money order payable to the Superintendent of Documents directly to the Government Printing Office, Washington, D. C.

79t, and deeming the exemption here inafter provided appropriate in the pub lic interest and for the protection of investors and consumers and not con trary to the purposes of the Act, the Se curities and Exchange Commission here by amends 250.3D-14 Rule U-3D-14
to read as follows:
250.3D-14 Exemption of public util ity subsidiaries as to certain securities issued to the Rural Electrification Ad ministration. a Exemption. Any pub lic-utility company which is a subsidiary company of a registered holding com pany shall be exempt from the obliga tions, duties, or liabilities imposed by the Act or any rule thereunder, on such company as a subsidiary company, with respect to the issue and sale to the Rural Electrification Administration, of any security of which it is the issuer in an amount not exceeding in any one calen dar year 2 percent of the aggregate of the outstanding funded indebtedness plus the capital and surplus accounts of the issuer as of the end of the prior calendar year. Such company shall also be exempt with respect to the pledge of any security or other property as col lateral for any security so issued or sold, and with respect to the redemption or retirement, in whole or in part, of any such security.
b Certificate of notification. Within ten days after the issue or sale of any security exempt under this rule, the is suer shall file with the Commission a certificate of notification on Form U-6B-2 containing the information pre scribed by th at form.
Effective August 6, 1940.
By the Commission.

of
1935

AMENDMENT TO ACQUISITION, RETIREMENT
AND REDEMPTION OF SECURITIES BY TTTF.
ISSUER THEREOF

of $50,000 in any calendar year:
Provided, That none of the above excep tions shall be applicable to any trans action with an associate company, an af filiate, or an affiliate of an associate com pany, unless such transaction is part of a general program where the issuer of the security involved exercises no choice as to persons dealt with, consideration, or similar matters.
Effective August 6, 1940.
By the Commission.

Acting pursuant to the Public Utility Holding Company Act of 1935, particu larly Sections 9 c, 12 c and 20 a thereof Sec. 9, 49 Stat. 817; 15 U.S.C., Sup. HI, 79i: Sec. 12, 49 Stat. 23; 15
U.S.C., Sup. m , 791: Sec. 20, 49 Stat.
833; 15 U.S.C., Sup. m , 79tl, and finding seal F rancis P. B rassor, that such action is necessary and appro Secretary.
priate in the public interest, and for the protection of investors and consumers, F. R. Doc. 40-3274; Filed, August 6, 1940;
4:33 P. M.
the Securities and Exchange Commis sion hereby amends 250.12C-1 Rule U-12C-1, so th at it shall read as follows:
250.12C-1 Acquisition, retirement and redemption of securities by the issuer thereof, a General provisions. No registered holding company or subsidiary thereof shall acquire, retire or redeem any security of which it is the issuer or which it has assumed or guaranteed except in accordance with a declaration which has become effective as specified in 250.0-8 Rule U-81.
b Exceptions. The following trans actions shall not be subject to the fore going requirement or to Section 9 a Sec. 9, 49 Stat. 817; 15 U.S.C., Sup. m, 79i of the Act:

1 Treasury securities. The retire ment of treasury securities.
2 Indebtedness for a specified con sideration. The acquisition, retirement or redemption of any evidence of indebt edness, at maturity or otherwise, for the consideration specifically designated therein.
3 Where conversion privilege is ex ercised. The acquisition, retirement or redemption of any security pursuant to the terms of any provision giving the holder thereof the right to convert such security into another security.
4 Provisions for sinking fund and other indenture requirements. The ac quisition, retirement or redemption of any evidence of indebtedness in accord ance with any indenture requirement then applicable including any one of specified alternative requirements, or in an aggregate amount estimated to be not more than the amount of any sinking fund or other periodic requirement for the following twelve months.
5 Limited acquisitions of one class of securities. The acquisition in any calendar year of not more than 1 percent of the amount of each class of its indebt edness outstanding at the end of the prior calendar year, or in the case of seal F rancis P. B rassor, securities issued during the year, at the Secretary.
date of issue thereof.
6 Exemption of small amounts. The F. R. Doc. 40-3273; Filed, August 6, 1940;
4:33 P. M.
acquisition, retirement or redemption of
P ublic U tility H olding C ompany A ct of
1935

AMENDMENT TO DEFINITION OF TERMS, AND
EXEMPTIONS FOR OFFICERS AND DIRECTORS
OF OPERATING COMPANIES

Acting pursuant to the Public Utility Holding Company Act of 1935, particu larly Sections 17 c and 20 a thereof Sec. 17, 49 Stat. 830; 15 U.S.C., Sup. HI, 79q; Sec. 20, 49 Stat. 833; 15 U.S.C., Sup.
HI, 79t.l, and finding that such action will not adversely affect the public inter est or the interest of investors or con sumers, the Securities and Exchange Commission hereby rescinds paragraph 8 of Sec. 250.17C-3 Rule U-17C-3, entitled Designated Representative, and paragraphs 9, 10 and 11
thereof are renumbered 8, 9 and 10, respectively, and amends 250.17C-1
b and 250.U-17C-1 g Rules U-17C1 b and U-17C-1 g to read as follows:
b Any person, or representative of a single security holder other than a registered holding company or subsidiary thereof, or of one or more financial in stitutions, owning, either beneficially or as trustee:
1 10 percent or more of the out standing voting securities of such com pany; or 2 10 percent or more of any class of the outstanding securities which, at the time of the last meeting for election of directors, was entitled as a class to elect one or more directors of such company;
or 3 10 percent or more of any class of the outstanding securities of such com pany, provided the capital amount of all outstanding securities of such class ag gregates more than 10 percent of the capital amount of all outstanding secu rities of such company; or 4 Obligations of such company to taling 2 percent or more of the corpo rate 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
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