Page:United States Statutes at Large Volume 49 Part 1.djvu/855

 810 74TH CONGRESS. SESS. I. CH. 687. AUGUST 26,1935 . "Integrated publi c- (29) " Integrated public-utility system " means- utility system . (A) As applied to electric utility companies, a system consist- ing of one or more units of generating plants and/or transmis- sion lines and/or distributing facilities, whose utility assets, whether owned by one or more electric utility companies, are physically interconnected or capable of physical interconnection and which under normal conditions may be economically oper- ated as a single interconnected and coordinated system confined in its operations to a single area or region, in one or more States, not so large as to impair (considering t he state of the art and t he area or region aff ected) the advantages of localized man- agement, efficient operation, and the effectiveness of regulation ; and (B) As applied to gas utility companies, a system consisting of one or more gas utility companies which are so located and relat ed that substan tial ec onomies may be effectu ated by being opera ted as a single coordi nated s ystem co nfined in its o pera- tions to a single area or region, in one or more States, not so large as to impair (considering the state of the art and the area or region affected) the advantages of localized management, efficient operation, and the effectiveness of regulation : Provided, That g as utili ty comp anies de riving natural gas fro m a comm on sourc e of su pply may be dee med to be inclu ded in a single area or region. Order declaring per- (b) No person shall be deemed to be a hold ing company under company .e a holding cl ause (B) of paragraph (7) of subsection (a) or a subsidiary company under clause (B) of paragraph (8) o1 such subsection, or an a ffiliat e under clause (D) of p aragrap h (11) of such subsec- tion, unless the Commission, after appropriate notice and oppor- tunity for hearing, has issued an order declaring such person to S latey arycompany; be a holding company, a subsidiary company, or an affiliate, or afEtiate. declaring a class of which such person is a member to be affili- a t es. S uch an order sh all not become effecti ve for a t least thirty days after the mailing of a copy thereof to the person thereby declared to be a holding company, subsidiary company, or affiliate ; etermin filDtes by catioes b- or; in the case of determination of affiliates by classes, until at least lication. thirty days after appropriate publication thereof in such manner Revocation of order. as the Commission shall determine. Whenever the Commission, on i ts own motion o r upon applicat ion by the pers on decl ared to be a h olding company, subsid iary com pany, o r affili ate, fi nds that the circumstances which gave rise to the issuance of any such order no longer exist, the Commission shall by order revoke such order. exemptions from pro- (c) No provision in this title shall apply to, or be deemed to visions o f title. include, the United States, a State, or any political subdivision of a State, or any agency, authority, or instrumentality of any one or more of the foregoing, or any corporation which is wholly owned directl y or in directly by any one or more of the fo regoing, or any officer, agent, or employee of any of the foregoing acting as such in the course of his official duty, unless such provision makes specific reference thereto. P arti cula r exemp- tions r egarding h olding compa nies. Power to make. SEC. 3. (a) The Commission, by rules and regulations upon its own mot ion, or by orde r upon applicat ion, sh all exe mpt any holding company, and every subsidiary company thereof as such, from any provision or provisions of this title, unless and except insofar as Classes of companies it finds the exemption detrimental to the public interest or the exempted. interest of investors or consumers, if- POW eR TO M AKE PARTICULAR EXE MPt iO NS REGARDING HO LDI NG COMPA- N IES, SUBS IDIARY CO MPANIES, AND AFFILI ATES
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