Page:United States Statutes at Large Volume 49 Part 1.djvu/868

 74TH CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. 823 wi th an y reo rgani zatio n, di ssolu tion, liqu idati on, b ankru ptcy, or receivership of a re gistered holding company or subsidiary company thereof, in any such proceeding, shall be subject to approval by t he Commis sion. (g) It shall be unlawful for any person to soli cit or permit the Solicitations respect- ing reorganization use of his or its name to solicit, by use of the mails or any means or plan s. instrumentality of interstate commerce, or otherwise, any proxy, con- sent, authorization, power of attorney, deposit, or dissent in respect of any reorganization plan of a registered holding company or any s ubsid iary compa ny th ereof unde r thi s sec tion, or o therw ise, or in respect of any plan under this section for the divestment of control, securities, or other assets, or for the dissolution of any registered holdin company or any subsidiary company thereof, unless- (1) the plan has been proposed by the Commission, or the plan and such information regarding it and its sponsors as the Com- m issio n may deem nece ssary or a pprop riate in t he pu blic inter est or for the protection of investors or consumers has been submitted to the Commission by a person having a bona fide interest (as defined by the rules and regulations of the Commission) in such reorganization ; (2) each such solicitation is accompanied or preceded by a copy of a report on the plan which shall be made by the Commission after an opportunity for a hearing on the plan and other plans submitted to it, or by an abstract of such report made or approved by the Commission ; and (3) each such solicitation is made not in contravention of such rules and regulations or orders as the Commission may deem necessary or appropriate in the public interest or for the protec- tion of investors or consumers. Nothi ng in this subs ectio n or the r ules and r egula tions ther eunde r shall prevent any person from appearing before the Commission or any court through an attorney or proxy. (b) It shall be unlawful for any registered holding company or I nterco mpany loans. subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, directly or indirectly, to lend or in any manner extend its credit to or indemnify any company in the same holding-company system in contravention of such rules and regulations or orders as the Commission deems necessary or appropriate in the public interest or for the protection of investors or consumers or to prevent the circumvention of the provisions of this title or the rules, regulations, or orders thereunder. (c) It shall be unlawful for any registered holding company or Dividend payments. any subsidiary company thereof, by use of the mails or any means or inst rumentality of interstate commerce, or otherwise, to declare or pay any dividend on any security of such company or to acquire, retire, or redeem any security of such company, in contravention of i INTE RCOM PANY LOAN S ;; D IVIDEN DS ;; SeCURITY TRA NSACTIONS ;; SALE OF ited Tra to registered nsacti hnld- UTILITY ASSETS ; PROXIES ; OTHER TRANSACtiONS SEC. 12 . (a) It shall be unlawful for any registered holding com- ing companies. 0mpany ro~ i " or- pany, b y use of the mails or any means or instrumentality of inter- state commerce, or otherwise, directly or indirectly, to borrow, or to receive any extension of credit or indemnity, from any public- utility company in the same holding-company system or from any subsidiary company of such holding company, but it shall not be unlawfu l under this subsection to renew, or extend the time of, any loan, c redit, or indemnity outstanding on the date of the enactment of this title . Renewals.