§45.1. Applicability; who must file.
18 C.F.R. § 45.1
This part applies to any person seeking to hold the following interlocking positions:
Officer or director of more than one public utility;
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
Officer or director of a public utility and of any company supplying electrical equipment to such public utility.
Any person seeking to hold any interlocking position described in § 45.2 of this chapter must do the following:
Apply for Commission authorization under § 45.8 of this chapter; or
If qualified, comply with the requirements for automatic authorization under § 45.9 of this chapter.
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.
Notes, amendments, and revision history
Amendments
[Order 446, 51 FR 4904, Feb. 10, 1986, as amended by Order 856, 84 FR 7282, Mar. 4, 2019]
Authority
Authority: 16 U.S.C. 791a-825r, 2601-2645; 31 U.S.C. 9701; 42 U.S.C. 7101-7352; 3 CFR 142.
Source
Source: Order 141, 12 FR 8501, Dec. 19, 1947, unless otherwise noted.
Amendments
[Order 446, 51 FR 4904, Feb. 10, 1986, as amended by Order 856, 84 FR 7282, Mar. 4, 2019]