§ 45.1. Applicability; who must file.
197 words·~1 min read·
/us/cfr/t18/s§ 45.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)This part applies to any person seeking to hold the following interlocking positions:
(1)Officer or director of more than one public utility;
(2)Officer or director of a public utility and of any bank, trust company, banking association, or firm that is authorized by law to underwrite or participate in the marketing of securities of a public utility; or
(3)Officer or director of a public utility and of any company supplying electrical equipment to such public utility.
(b)Any person seeking to hold any interlocking position described in § 45.2 of this chapter must do the following:
(1)Apply for Commission authorization under § 45.8 of this chapter; or
(2)If qualified, comply with the requirements for automatic authorization under § 45.9 of this chapter.
(c)Notwithstanding paragraphs
(a)and
(b)of this section, any person may temporarily hold an interlocking position described in § 45.2 for no more than 90 days within a twelve-month period without applying for Commission authorization under § 45.8 and without complying with the requirements for authorization under § 45.9. \[Order 446, 51 FR 4904, Feb. 10, 1986, as amended by Order 856, 84 FR 7282, Mar. 4, 2019\]
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§ 45.1
Applicability; who must file.
Fed. Reg.×1
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