Page:United States Statutes at Large Volume 49 Part 1.djvu/851

 806	74th CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. Application under this paragraph may be made by the company in respect of which the order is to be issued or by the owner of the facilities operated by such company. Any order issued under this paragraph shall apply equally to such company and such owner. The Commission may by rules or regulations conditionally or uncon- ditionally provide that any specified class or classes of com panies whic h it deter mines to s atisf y the cond ition s spe cifie d in claus es (A) and (B), and the owners of the facilities operated by such companies, shall not be deemed gas utility companies within the meaning of this paragraph. "Public-utility com- (5) "Public-utility company" means an electric utility company pany ." or a gas utility company. "Commission ." (6) " Commission " means the Securities and Exchange Commis- sion. "Holding company ." (7) "Holding company" means- (A) any company which directly or indirectly owns, controls, or holds with power to vote, 10 per centum or more of the out- standing voting securities of a public-utility company or of a company which is a holding company by virtue of this clause or clause (B), unless the Commission, as hereinafter provided, by order declares such company not to be a holding company ; and (B) any person which the Commission determines, after notice and oppo rtuni ty fo r hea ring, dire ctly or in direc tly t o exe rcise (either alone or pursuant to an arrangement or understanding with one or more other persons) such a controlling influence over the management or policies of any public-utility or holding com- pany as to make it necessary or appropriate in the public interest or for the protection of in vestors or consumers that such person be subject to the obligations, duties, and liabilities imposed in this title upon holding companies. The Commission, upon application, shall by order declare that a co mpany is not a hol ding com pany unde r clause (A) if t he Com- mission finds that the applicant (i) does not, either alone or pur- suant to an arrangement or understanding with one or more other persons, direc tly or indirectly control a public-utility or holding co mpany eit her throu gh one o r more in termedia ry person s or by any means or device whatsoever, (ii) is not an intermediary com- pany through which such control is exercised, and (iii) does not, directly or indirectly, exercise (either alone or pursuant to an arrangement or understanding with one or more other persons) such a controlling influence over the management or policies of any public- utility or holding company as to make it necessary or appropriate in the public interest or for the protection of investors or consumers that the applicant be subject to the obligations, duties, and liabilities imposed in this title upon holding companies. The filing of an ap plication hereunde r in goo d faith b y a comp any other than a registered holding company shall exempt the applicant from any obligation, duty, or liability imposed in this title upon the applicant as a holding company, until the Commission has acted upon such application. Within a reasonable time after the receipt of any application hereunder, the Commission shall enter an order granting, or, aft er no tice and o pport unity for heari ng, d enyin g or other wise disposing of, such application. As a condition to the entry of any order granting such application and as a part of any such order, the Commission may require the applicant to apply periodically for a renewal of such order and to do or refrain from doing such acts or things, in respect of exercise of voting rights, control over proxies, designation of officers and directors, existence of interlocking officers, directors and other relationships, and submission of periodic or