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sults of its study and its recommendations to the Congress on or before January 4, 1937.

EMPLOYEES OF THE COMMISSION

Sec. 31. [792-5] For the purposes of this title, the Commission may select, employ, and fix the compensation of such attorneys, examiners, and other experts as shall be necessary for the transaction of the business of the Commission in respect of this title without regard to the provisions of other laws applicable to the employment and compensation of officers or employees of the United States; and the Commission may, subject to the civil-service laws, appoint such other officers and employees as are necessary in the execution of the functions of the Commission and fix their salaries in accordance with the Classification Act of 1923, as amended.

SEPARABILITY OF PROVISIONS

Sec. 32. [792-6] If any provision of this title or the application of such provision to any person or circumstances shall be held invalid, the remainder of the title and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.

SHORT TITLE

Sec. 33. [79] This title may be cited as the "Public Utility Holding Company Act of 1935".

TITLE II-AMENDMENTS TO FEDERAL WATER POWER ACT

[Title II of the Public Utility Act of 1935 amended the Federal Water Power Act, and added a new Part II to that Act regulating electric utility companies engaged in the interstate transmission of electric energy. Section 318 of that Act, relating to the applicability of that Act and the Public Utility Holding Company Act of 1935 to the same person, is set forth below.]

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.

TRUST INDENTURE ACT OF 1939

213

TRUST INDENTURE ACT OF 1939

(References in brackets [ ] are to title 15, United States Code)

AN ACT To provide for the regulation of the sale of certain securities in interstate

and foreign commerce and through the mails, and the regulation of the trust indentures under which the same are issued, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide full and fair disclosure of the character of securities sold in interstate and foreign commerce and through the mails, and to prevent frauds in the sale thereof, and for other purposes”, approved May 27, 1933, as amended, is amended by adding at the end thereof the following:

TITLE III

SHORT TITLE

SEC. 301. [77aaa] This title, divided into sections as follows, may be cited as the “Trust Indenture Act of 1939”:

TABLE OF CONTENTS

TITLE III

Sec. 301. Short title.
Sec. 302. Necessity for regulation.
Sec. 303. Definitions.
Sec. 304. Exempted securities and transactions.
Sec. 305. Securities required to be registered under Securities Act.
Sec. 306. Securities not registered under Securities Act.
Sec. 307. Qualification of indentures covering securities not required to be regis-

tered.
Sec. 308. Integration of procedure with Securities Act and other Acts.
Sec. 309. When qualification becomes effective; effect of qualification.
Sec. 310. Eligibility and disqualification of trustee.

(a) Persons eligible for appointment as trustee.
(b) Disqualification of trustee.

(c) Applicability of section.
Sec. 311. Preferential collection of claims against obligor.
Sec. 312. Bondholders' lists.
Sec. 313. Reports by indenture trustee.
Sec. 314. Reports by obligor; evidence of compliance with indenture provisions.

(a) Periodic reports.
(b) Evidence of recording of indenture.
(c) Evidence of compliance with conditions precedent.
(d) Certificates of fair value.
(e) Recitals as to basis of certificate or opinion.

(f) Parties may provide for additional evidence. Sec. 315. Duties and responsibility of the trustee.

(a) Duties prior to default.
(b) Notice of defaults.
(c) Duties of the trustee in case of default.
(d) Responsibility of the trustee.

(e) Undertaking for costs.

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