Page:United States Statutes at Large Volume 49 Part 1.djvu/866

 74Tia CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935 . 821 The Commission may permit as reasonably incidental or economi- Permissive retention Y of interests. tally necessary or appropriate to the operations of one or more integrate d public-utility system s the retention of an int erest in any business ( other than the business of a p ublic-utility company as such) which the Commission shall find necessary or appropriate in the public interest or for the protection of investors or con- sumers and not detrimental to the proper functioning o f such system or systems. To require by order, after notice and opportunity for hear- Duty of commission (2) to require simplifica- ing, that each registered holding company, and each subsidiary tion of corporate struc- company thereof, shall take such steps as the Commission shall t°re. find necessary to ensure that the corporate structure or continued existence of any company in the holding-company system does not unduly or unnecessarily complicate the structure, or unfairly or inequitably distribute voting power among security holders, of such holding-c ompany system. In carrying out the provisio ns of this paragraph the Commission shall require each registered hold- ing company (and any company in the same holding-company system with such holding company) to take such action as the Commission shall find necessary in order that such holding com- pany shall cease to be a holding company with r espect to each of its subsidiary companies which itself has a subsidiary company which is a holdi ng com pany. Except for the purpose of fairly and equitably dis tributing voting power among t he security hold- ers of such company, nothing in this paragraph shall authorize the Commission to require any change in the corporate structure or existence of any company which is not a holding company, or of any company whose princi pal business is that of a publ ic-utility company. The Commission may by order revoke or modify any order Revocation or modi- fica tion previously of orders ; no- made under this subsection, if, after notice and opportunity for tice an d heari ng. hearing, it finds that the conditions upon which the order was pred- icated do not exist. Any order made under this subsection shall past', p 834 . be subject to judicial review as provided in section 24. (c) Any order under subsection (b) shall be complied with wi thin de ~omPliance with or- one year from the date of such order ; but the Commission shall, upon a showing (made be fore or after the entry of such order) that the applicant has been or will be unable in the exercise of due diligence to comply with such order within such time, extend such fo Extension of time time for an additional period not exceeding one year if it finds such extension necessary or appropriate in the public interest or for the protection of investors or consumers. (d) The Commis sion m ay app ly to a court, in accord ance w ith de rs nfo ree ment of or- the provisions of subsection (f) of section 18, to enforce compliance Post, P .832. with any order issued un der subsection (b). In any such proceed- Jurisdiction of court, j ing, the court as a court of equity may, to such extent as it deems necessary for purposes of enforcement of such order, take exclusive urisdiction and possession of the company or companies and the assets thereof, wherever located ; and the court shall have jurisdic- Trustee ; ap poi nt- tion, in any such proceeding, to appoint a. trustee, and the court may men t of. Constitute and appoint the Commission as sole trustee, to hold or administer under the direction of the court the assets so possessed. In any proceeding for the enforcement of an order of the Commis- Powe rs. sion issued under subsection (b), the trustee with the approval of the court shall have power to dispose of any or all of such assets and, subject to such terms and conditions as the court may prescribe, may make such disposition in accordance. w ith a fai r a nd equ ita ble re or- Reorganization plan . ganization plan which shall have been approved by the Commission after opportunity for hearing. Such reorganization plan may be