16 USC 825c

Page 1435

TITLE 16—CONSERVATION

§ 825c. Periodic and special reports; obstructing
filing reports or keeping accounts, etc.
(a) Every licensee and every public utility
shall file with the Commission such annual and
other periodic or special reports as the Commission may by rules and regulations or order prescribe as necessary or appropriate to assist the
Commission in the proper administration of this
chapter. The Commission may prescribe the
manner and form in which such reports shall be
made, and require from such persons specific answers to all questions upon which the Commission may need information. The Commission
may require that such reports shall include,
among other things, full information as to assets and liabilities, capitalization, net investment, and reduction thereof, gross receipts, interest due and paid, depreciation, and other reserves, cost of project and other facilities, cost
of maintenance and operation of the project and
other facilities, cost of renewals and replacement of the project works and other facilities,
depreciation, generation, transmission, distribution, delivery, use, and sale of electric energy.
The Commission may require any such person to
make adequate provision for currently determining such costs and other facts. Such reports
shall be made under oath unless the Commission
otherwise specifies.
(b) It shall be unlawful for any person willfully
to hinder, delay, or obstruct the making, filing,
or keeping of any information, document, report, memorandum, record, or account required
to be made, filed, or kept under this chapter or
any rule, regulation, or order thereunder.
(June 10, 1920, ch. 285, pt. III, § 304, as added Aug.
26, 1935, ch. 687, title II, § 213, 49 Stat. 855.)
§ 825d. Officials dealing in securities
(a) Benefits; making or declaring dividends out
of capital account
It shall be unlawful for any officer or director
of any public utility to receive for his own benefit, directly or indirectly, any money or thing
of value in respect of the negotiation,
hypothecation, or sale by such public utility of
any security issued or to be issued by such public utility, or to share in any of the proceeds
thereof, or to participate in the making or paying of any dividends of such public utility from
any funds properly included in capital account.
(b) Interlocking directorates
(1) In general
After 6 months from August 26, 1935, it shall
be unlawful for any person to hold the position
of officer or director of more than one public
utility or to hold the position of officer or director of a public utility and the position of
officer or director 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 any company supplying
electrical equipment to such public utility,
unless the holding of such positions shall have
been authorized by order of the Commission,
upon due showing in form and manner prescribed by the Commission, that neither pub-

§ 825d

lic nor private interests will be adversely affected thereby. The Commission shall not
grant any such authorization in respect of
such positions held on August 26, 1935, unless
application for such authorization is filed with
the Commission within sixty days after that
date.
(2) Applicability
(A) In general
In the circumstances described in subparagraph (B), paragraph (1) shall not apply to a
person that holds or proposes to hold the positions of—
(i) officer or director of a public utility;
and
(ii) officer or director of a bank, trust
company, banking association, or firm authorized by law to underwrite or participate in the marketing of securities of a
public utility.
(B) Circumstances
The circumstances described in this subparagraph are that—
(i) a person described in subparagraph
(A) does not participate in any deliberations or decisions of the public utility regarding the selection of a bank, trust company, banking association, or firm to underwrite or participate in the marketing of
securities of the public utility, if the person serves as an officer or director of a
bank, trust company, banking association,
or firm that is under consideration in the
deliberation process;
(ii) the bank, trust company, banking association, or firm of which the person is an
officer or director does not engage in the
underwriting of, or participate in the marketing of, securities of the public utility of
which the person holds the position of officer or director;
(iii) the public utility for which the person serves or proposes to serve as an officer or director selects underwriters by
competitive procedures; or
(iv) the issuance of securities of the public utility for which the person serves or
proposes to serve as an officer or director
has been approved by all Federal and State
regulatory agencies having jurisdiction
over the issuance.
(c) Statement of prior positions; definitions
(1) On or before April 30 of each year, any person, who, during the calendar year preceding the
filing date under this subsection, was an officer
or director of a public utility and who held, during such calendar year, the position of officer,
director, partner, appointee, or representative of
any other entity listed in paragraph (2) shall file
with the Commission, in such form and manner
as the Commission shall by rule prescribe, a
written statement concerning such positions
held by such person. Such statement shall be
available to the public.
(2) The entities listed for purposes of paragraph (1) are as follows—
(A) any investment bank, bank holding company, foreign bank or subsidiary thereof doing
business in the United States, insurance com-