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TITLE II-AMENDMENTS TO FEDERAL WATER POWER ACT

Title II of the Public Utility Act of 1935 amends the Federal Water Power Act in various respects. It also adds a new Part II to that Act regulating electric utility companies engaged in the interstate transmission of electric energy. That Act is administered by the Federal Power Commission and its amendments and additions are independent of those in Title I, except Section 318, of said Title II, which provides as follows:

SEC. 318. If, with respect to the issue, sale, or guaranty of a security, or assumption of obligation or liability in respect of a security, the method of keeping accounts, the filing of reports, or the acquisition or disposition of any security, capital assets, facilities, or any other subject matter, any person is subject both to a requirement of the Public Utility Holding Company Act of 1935 or of a rule, regulation, or order thereunder and to a requirement of this Act or of a rule, regulation, or

order thereunder, the requirement of the Public Utility Holding Company Act of 1935 shall apply to such person, and such person shall not be subject to the requirement of this Act, or of any rule, regulation, or order thereunder, with respect to the same subject matter, unless the Securities and Exchange Commission has exempted such person from such requirement of the Public Utility Holding Company Act of 1935, in which case the requirements of this Act shall apply to such person.

U.S. GOVERNMENT PRINTING OFFICE: 1977 O-243-389

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