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U.S. Code as of:
01/19/04
Section 79i. Acquisition of securities and utility assets and other interests
(a) Acquisition prohibited prior to Commission approval
Unless the acquisition has been approved by the Commission under
section 79j of this title, it shall be unlawful -
(1) for any registered holding company or any subsidiary
company thereof, by use of the mails or any means or
instrumentality of interstate commerce, or otherwise, to acquire,
directly or indirectly, any securities or utility assets or any
other interest in any business;
(2) for any person, by use of the mails or any means or
instrumentality of interstate commerce, to acquire, directly or
indirectly, any security of any public-utility company, if such
person is an affiliate under clause (A) of paragraph (11) of
subsection (a) of section 79b of this title, of such company and
of any other public utility or holding company, or will by virtue
of such acquisition become such an affiliate.
(b) Acquisition of utility assets authorized by State Commission;
holding company systems organized in same State
Subsection (a) of this section shall not apply to -
(1) the acquisition by a public-utility company of utility
assets the acquisition of which has been expressly authorized by
a State commission; or
(2) the acquisition by a public-utility company of securities
of a subsidiary public-utility company thereof, provided that
both such public-utility companies and all other public-utility
companies in the same holding-company system are organized in the
same State, that the business of each such company in such system
is substantially confined to such State, and that the acquisition
of such securities has been expressly authorized by the State
commission of such State.
(c) Acquisition of securities guaranteed by United States, State,
or political subdivision; other securities and commercial paper
held appropriate by Commission
Subsection (a) of this section shall not apply to the acquisition
by a registered holding company, or a subsidiary company thereof,
of -
(1) securities of, or securities the principal or interest of
which is guaranteed by, the United States, a State, or political
subdivision of a State, or any agency, authority, or
instrumentality of any one or more of the foregoing, or any
corporation which is wholly owned, directly or indirectly, by any
one or more of the foregoing;
(2) such other readily marketable securities within the
limitation of such amounts, as the Commission may by rules and
regulations prescribe as appropriate for investment of current
funds and as not detrimental to the public interest or the
interest of investors or consumers; or
(3) such commercial paper and other securities, within such
limitations, as the Commission may by rules and regulations or
order prescribe as appropriate in the ordinary course of business
of a registered holding company or subsidiary company thereof and
as not detrimental to the public interest or the interest of
investors or consumers.
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