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§ 45.9 - Automatic authorization of certain interlocking positions.

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Officer or director of one or more other public utilities if the same holding company or person owns, directly or indirectly, that percentage of each utility's stock (of whatever class or classes) which is required by each utility's by-laws to elect directors;

Officer or director of more than one public utility, if such officer or director is already authorized under this part to hold positions as officer or director of those or any other public utilities where the interlock involves affiliated public utilities.

Conditions of authorization. (1) As a condition of authorization, any person eligible to seek authorization to hold interlocking positions under this section must submit, prior to performing or assuming the duties and responsibilities of the position, an informational report in accordance with paragraph (c) of this section, unless that person:

Is already authorized to hold interlocking positions of the type governed by this section;

Is exempt from filing an informational report pursuant to § 45.4; or

Will hold a temporary interlocking position pursuant to § 45.1(c).

The Commission will consider failures to timely file the informational report on a case-by-case basis.

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§ 45.9 - Automatic authorization of certain interlocking positions.
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