Page:United States Statutes at Large Volume 49 Part 1.djvu/862

 74Th CONGRESS. SESS. I. CH. 687 . AUGUST 26, 1935 . 817 (f) Any order permitting a declaration to become effective may contain such terms and conditions as the Commission finds necessary to assure compliance with the conditions specified in this section. (g) If a State commission or State securities commission, having Ante,p.814. jurisdiction over any of the acts enumerated in subsection (a) of section 6, shall inform the Commission, upon request by the Com- missio n for an opinion or othe rwise, t hat Stat e laws a pplicabl e to the act in question have not been complied with, the Commission shall not permit a declaration regarding the act in question to become effecti ve until and unl ess the Commissi on is sa tisfied that such compliance has been effected. ACQUIRING INTEREST IN ELECTRIC AND GAS UTILITY COMPANIES SERVING A a ngi nte in electric nc and gas util ity SAME TERRITORY companies serving same territory. SEC. 8. Whenever a State law prohibits, or requires approval or Restriction on hold- ing or subsidiary com- authorization of, the ownership or operation by a single company of pa nie s. the utility assets of an electric utility company and a gas utility com- pany serving substantially the same territory, it shall be unlawful for a registered holding company, or any subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise,- (1) to take any step, without the express approval of the State commission of such State, which results in its having a direct or indirect interest in an electric utility company and a gas utility company serving substantially the same territory ; or (2) if it already has any such interest, to acquire, without the express approval of the State co mmission, any di rect or indirect interest in an electric utility company or gas utility company serv- ing substantially the same territory , as that served by such com- panies in which it already has an interest. ACQ UISI tiO N OF SE CURI TIES AND Ut iLIT Y ASSETS AND O THER INT ERESTS Acquisi tion of securi- ties and utility assets SeC. 9 . (a) Unless the acquisition has been approved by the Com- and other inte rests. mission under section 10, it shall be unlawful- for an registered holding company or any subsidiary com- Restrictions on hold- (1) y mg or subsidiary com- pany thereof, by use of the mails or any means or instrumentality panics. of interstate commerce, or otherwise, to acquire, directly or indi- rectly, any securities or utility asset s or any othe r interest in any business ; (2) for any person, by use of the mails or any means or instru- mentality of interstate commerce, to acquire, dir ectly or indir ectly, any security of any public-utility company, if such person is an affiliate, under clause (A) of paragraph (11) of subsection (a) of section 2, of such company and of any other public utility or hold- ing company, or will by virtue of such acquisition become such an affiliate. (b) Subsection (a) shall not apply to- Exceptions. (1) the acquisition by a public-utility company of utility assets the acquisition of which has been expressly authorized by a State commission ; or (2) the acquisition b y a public-uti lity company of securities of a subsidiary public-utility company thereof, provided that both such public-utility companies and all other public-utility companies in the sa me holdi ng-compa ny syste m are or ganized in the s ame Stat e, that the business of each such company in such system is substan- tially co nfined to such State, and t hat the acqui sition of such secu- rities has been expressly authorized by the State commission of such State. 101019'-36	52