Page:United States Statutes at Large Volume 49 Part 1.djvu/864

 74Tx CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. 819 (H) any further information regarding such company and any associate company or affiliate thereof, or its relations with the applicant company, and (I) if the applicant be not a registered holding company, any of the information and documents which may be required under sec tion 5 f rom a re gist ered hol ding com pany ; (2) in the case of the acquisition of utility assets, such infor- of utility assets. mation concerning such assets, the value thereof and considera- tion to be paid therefor. the owner or owners thereof and their rela tion t o, agr eement s with, and i nteres t in t he sec urities of, t he applicant or any associate company thereof as the Commission may by rules and regulations or order prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers ; and (3) in the case of the acquisition of any other interest in any Of any other interest. business, such information concerning such business and the inter- est to be acquired, and the consideration to be paid, as the Com- mission may by rules and regulations or order prescribe as neces- sary or appropriate in the public interest or for the protection of investors or consumers. (b) If the requirements of subsection (f) are satisfied, the Com- Approval of proposed missi on s hall app rove the acq uisi tion unl ess the Comm issi on f inds acquisition. that- (1) such acquisition will tend towards interlocking relations or the concentration of control of public-utility companies, of a kind or to an extent detrimental to the public interest or the interest of inves tors or consume rs ; (2) in case of the acquisition of securities or utility assets, the consideration, including all fees, commissions, and other remuner- ation, to whomsoever paid, to be given, directly or indirectly, in connection with such acquisition is not reasonable or does not bear a fair relation to the sums invested in or the earning capacity of the utility assets to be acquired or the utility assets underlying the securities to be acquired ; or (3) such acquisition will unduly complicate the capital struc- ture of the holding-company system of the applicant or will be detrimental to the public interest or the interest of investors or cons umers or the proper funct ioning of suc h hold ing-com pany system. The Commission may condition its approval of the acquisition of al Conditional approv- securities of another company upon such a fair offer to purchase such of the other securities of the company whose security is to be acquired as the Commission may find necessary or appropriate in the public interest or for the protection of investors or consumers. (c) Notwithstan ding the provis ions of subsect ion (b), the Com- Acquisitions to be mission shall not approve- denied. (1) an acquisition of securities or utility assets, or of any other interest, which is unlawful under the provisions of section 8 or is detriment al to the carr ying out of the provisions of section 11;or (2) the acquisition of securities or utility assets of a public- utility or holding company unless the Commission finds that such acquisition will serve the public interest by tending towards the economical and efficient development of an integrated public- utility system. This paragraph shall not apply to the acquisi- tion of securities or utility assets of a public-utility company operating exclusively outside the United States.