16 U.S. Code § 824c - Issuance of securities; assumption of liabilities

(a) Authorization by Commission
No public utility shall issue any security, or assume any obligation or liability as guarantor, indorser, surety, or otherwise in respect of any security of another person, unless and until, and then only to the extent that, upon application by the public utility, the Commission by order authorizes such issue or assumption of liability. The Commission shall make such order only if it finds that such issue or assumption
(a) is for some lawful object, within the corporate purposes of the applicant and compatible with the public interest, which is necessary or appropriate for or consistent with the proper performance by the applicant of service as a public utility and which will not impair its ability to perform that service, and
(b) is reasonably necessary or appropriate for such purposes. The provisions of this section shall be effective six months after August 26, 1935.
(b) Application approval or modification; supplemental orders
The Commission, after opportunity for hearing, may grant any application under this section in whole or in part, and with such modifications and upon such terms and conditions as it may find necessary or appropriate, and may from time to time, after opportunity for hearing and for good cause shown, make such supplemental orders in the premises as it may find necessary or appropriate, and may by any such supplemental order modify the provisions of any previous order as to the particular purposes, uses, and extent to which, or the conditions under which, any security so theretofore authorized or the proceeds thereof may be applied, subject always to the requirements of subsection (a) of this section.
(c) Compliance with order of Commission
No public utility shall, without the consent of the Commission, apply any security or any proceeds thereof to any purpose not specified in the Commission’s order, or supplemental order, or to any purpose in excess of the amount allowed for such purpose in such order, or otherwise in contravention of such order.
(d) Authorization of capitalization not to exceed amount paid
The Commission shall not authorize the capitalization of the right to be a corporation or of any franchise, permit, or contract for consolidation, merger, or lease in excess of the amount (exclusive of any tax or annual charge) actually paid as the consideration for such right, franchise, permit, or contract.
(e) Notes or drafts maturing less than one year after issuance
Subsection (a) of this section shall not apply to the issue or renewal of, or assumption of liability on, a note or draft maturing not more than one year after the date of such issue, renewal, or assumption of liability, and aggregating (together with all other then outstanding notes and drafts of a maturity of one year or less on which such public utility is primarily or secondarily liable) not more than 5 per centum of the par value of the other securities of the public utility then outstanding. In the case of securities having no par value, the par value for the purpose of this subsection shall be the fair market value as of the date of issue. Within ten days after any such issue, renewal, or assumption of liability, the public utility shall file with the Commission a certificate of notification, in such form as may be prescribed by the Commission, setting forth such matters as the Commission shall by regulation require.
(f) Public utility securities regulated by State not affected
The provisions of this section shall not extend to a public utility organized and operating in a State under the laws of which its security issues are regulated by a State commission.
(g) Guarantee or obligation on part of United States
Nothing in this section shall be construed to imply any guarantee or obligation on the part of the United States in respect of any securities to which the provisions of this section relate.
(h) Filing duplicate reports with the Securities and Exchange Commission
Any public utility whose security issues are approved by the Commission under this section may file with the Securities and Exchange Commission duplicate copies of reports filed with the Federal Power Commission in lieu of the reports, information, and documents required under sections 77g, 78l, and 78m of title 15.

Source

(June 10, 1920, ch. 285, pt. II, § 204, as added Aug. 26, 1935, ch. 687, title II, § 213,49 Stat. 850.)
Transfer of Functions

Executive and administrative functions of Securities and Exchange Commission, with certain exceptions, transferred to Chairman of such Commission, with authority vested in him to authorize their performance by any officer, employee, or administrative unit under his jurisdiction, by Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out in the Appendix to Title 5, Government Organization and Employees.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


18 CFR - Conservation of Power and Water Resources

18 CFR Part 1b - RULES RELATING TO INVESTIGATIONS

18 CFR Part 1c - PROHIBITION OF ENERGY MARKET MANIPULATION

18 CFR Part 2 - GENERAL POLICY AND INTERPRETATIONS

18 CFR Part 3 - [Reserved]

18 CFR Part 5 - INTEGRATED LICENSE APPLICATION PROCESS

18 CFR Part 8 - RECREATIONAL OPPORTUNITIES AND DEVELOPMENT AT LICENSED PROJECTS

18 CFR Part 11 - ANNUAL CHARGES UNDER PART I OF THE FEDERAL POWER ACT

18 CFR Part 12 - SAFETY OF WATER POWER PROJECTS AND PROJECT WORKS

18 CFR Part 16 - PROCEDURES RELATING TO TAKEOVER AND RELICENSING OF LICENSED PROJECTS

18 CFR Part 24 - DECLARATION OF INTENTION

18 CFR Part 32 - INTERCONNECTION OF FACILITIES

18 CFR Part 33 - APPLICATIONS UNDER FEDERAL POWER ACT SECTION 203

18 CFR Part 34 - APPLICATION FOR AUTHORIZATION OF THE ISSUANCE OF SECURITIES OR THE ASSUMPTION OF LIABILITIES

18 CFR Part 35 - FILING OF RATE SCHEDULES AND TARIFFS

18 CFR Part 36 - RULES CONCERNING APPLICATIONS FOR TRANSMISSION SERVICES UNDER SECTION 211 OF THE FEDERAL POWER ACT

18 CFR Part 37 - OPEN ACCESS SAME-TIME INFORMATION SYSTEMS

18 CFR Part 41 - ACCOUNTS, RECORDS, MEMORANDA AND DISPOSITION OF CONTESTED AUDIT FINDINGS AND PROPOSED REMEDIES

18 CFR Part 42 - LONG-TERM FIRM TRANSMISSION RIGHTS IN ORGANIZED ELECTRICITY MARKETS

18 CFR Part 45 - APPLICATION FOR AUTHORITY TO HOLD INTERLOCKING POSITIONS

18 CFR Part 46 - PUBLIC UTILITY FILING REQUIREMENTS AND FILING REQUIREMENTS FOR PERSONS HOLDING INTERLOCKING POSITIONS

18 CFR Part 101 - UNIFORM SYSTEM OF ACCOUNTS PRESCRIBED FOR PUBLIC UTILITIES AND LICENSEES SUBJECT TO THE PROVISIONS OF THE FEDERAL POWER ACT

18 CFR Part 131 - FORMS

18 CFR Part 141 - STATEMENTS AND REPORTS (SCHEDULES)

18 CFR Part 154 - RATE SCHEDULES AND TARIFFS

18 CFR Part 225 - PRESERVATION OF RECORDS OF NATURAL GAS COMPANIES

18 CFR Part 260 - STATEMENTS AND REPORTS (SCHEDULES)

18 CFR Part 290 - COLLECTION OF COST OF SERVICE INFORMATION UNDER SECTION 133 OF THE PUBLIC UTILITY REGULATORY POLICIES ACT OF 1978

18 CFR Part 292 - REGULATIONS UNDER SECTIONS 201 AND 210 OF THE PUBLIC UTILITY REGULATORY POLICIES ACT OF 1978 WITH REGARD TO SMALL POWER PRODUCTION AND COGENERATION

18 CFR Part 294 - PROCEDURES FOR SHORTAGES OF ELECTRIC ENERGY AND CAPACITY UNDER SECTION 206 OF THE PUBLIC UTILITY REGULATORY POLICIES ACT OF 1978

18 CFR Part 358 - STANDARDS OF CONDUCT

18 CFR Part 375 - THE COMMISSION

18 CFR Part 381 - FEES

18 CFR Part 382 - ANNUAL CHARGES

18 CFR Part 385 - RULES OF PRACTICE AND PROCEDURE

18 CFR Part 390 - ELECTRONIC REGISTRATION

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.