Terms for in may be preCommission. scribed by as in its judgment will best meet the emergency and serve the public interest. If the parties affected by such order fail to agree upon the terms of any arrangement terconnection between them in carrying out such order, the Commission, after hearing held either before or after such order takes effect, may prescribe by supplemental order such terms as it finds to be just and reasonable, including the compensation or reimbursement which should be paid to or by any such party. [49 Stat. 849; 16 U.S.C. 824a (c)] emergency connection of subject to Com facilities not mission jurisdiction. (d) During the continuance of any emergency requiring immediate action, any person engaged in the transmission or sale of electric energy and not otherwise subject to the jurisdiction of the Commission may make such temporary connections with any public utility subject to the jurisdiction of the Commission Temporary or may construct such temporary facilities for the transmission of electric energy in interstate commerce as may be necessary or appropriate to meet such emergency, and shall not become subject to the jurisdiction. of the Commission by reason of such temporary connection or temporary construction: Provided, That such temporary connection shall be discontinued or such temporary construction removed or otherwise disposed of upon the termination of such emergency: Provided Proviso.-Perfurther, That upon approval of the Commission permanent connections for emergency use only may be made hereunder. [49 Stat. 849; 16 U.S.C. 824a (d)] Proviso. Temconnections to porary inter be terminated at end of emer gency. manent emer gency connec tion authorized. energy pro may authorize exportation (e) After six months from the date on which this Part takes effect, no person shall transmit any electric Exportation of energy from the United States to a foreign country hibited. without first having secured an order of the Commission authorizing it to do so. The Commission shall Commission issue such order upon application unless, after oppor- upon applicatunity for hearing, it finds that the proposed trans- tion. mission would impair the sufficiency of electric supply Hearing. within the United States or would impede or tend to impede the coordination in the public interest of facilities subject to the jurisdiction of the Commission. The Commission may by its order grant such application in whole or in part, with such modifications and upon such terms and conditions as the Commission may find exportation. necessary or appropriate, and may from time to time, Terms and conditions for Electric energy, transmission or sale. Disposal, merger or consolidation of facilities prohibited unless approved. Acquisition of securities of public utilities prohibited unless approved. Application for approval. Notice to Governor and State commission. Hearing on application. Grant of application in whole or part. after opportunity for hearing and for good cause shown, make such supplemental orders in the premises as it may find necessary or appropriate. [49 Stat. 849; 16 U.S.C. 824a (e)] (f) The ownership or operation of facilities for the transmission or sale at wholesale of electric energy which is (a) generated within a State and transmitted from that State across an international boundary and not thereafter transmitted into any other State, or (b) generated in a foreign country and transmitted across an international boundary into a State and not thereafter transmitted into any other State, shall not make a person a public utility subject to regulation as such under other provisions of this part. The State within which any such facilities are located may regulate any such transaction insofar as such State regulation does not conflict with the exercise of the Commission's powers under or relating to subsection 202 (e). [67 Stat. 461; 16 U.S.C. 824a (f)] DISPOSITION OF PROPERTY; CONSOLIDATION; SEC. 203 (a) No public utility shall sell, lease, or otherwise dispose of the whole of its facilities subject to the jurisdiction of the Commission, or any part thereof of a value in excess of $50,000, or by any means whatsoever, directly or indirectly, merge or consolidate such facilities or any part thereof with those of any other person, or purchase, acquire, or take any security of any other public utility, without first having secured an order of the Commission authorizing it to do so. Upon application for such approval the Commission shall give reasonable notice in writing to the Governor and State commission of each of the States in which the physical property affected, or any part thereof, is situated, and to such other persons as it may deem advisable. After notice and opportunity for hearing, if the Commission finds that the proposed disposition, consolidation, acquisition, or control will be consistent with the public interest, it shall approve the same. [49 Stat. 849-850; 16 U.S.C. 824b(a)] (b) The Commission may grant any application for an order under this section in whole or in part and Terms and con upon such terms and conditions as it finds necessary ditions of order. or appropriate to secure the maintenance of adequate service and the coordination in the public interest of facilities subject to the jurisdiction of the Commission. The Commission may from time to time for good cause shown make such orders supplemental to Modification any order made under this section as it may find necessary or appropriate. [49 Stat. 850; 16 U.S.C. 824b (b)] ISSUANCE OF SECURITIES; ASSUMPTION OF LIABILITIES of order. Issuance of securities or asliability by hibited unless utility pro authorized. Application for approval. ing, basis for. SEC. 204. (a) 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 Order authoriz 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 this Part takes effect, [49 Stat. 850; 16 U.S.C. 824c (a)] cation in whole or in part. Terms and con order. (b) The Commission, after opportunity for hear- Hearing. ing, may grant any application under this section in whole or in part, and with such modifications and Grant of appliupon 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, ditions of 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. [49 Stat. 850; 16 U.S.C. 824c (b)] Modification of order. (c) No public utility shall, without the consent of the Commission, apply any security or any proceeds Proceeds of security issues. Capitalization of rights in excess of amount paid therefor prohibited. Provisions of subsection (a) not applicable to notes and drafts maturing within 1 year, aggregat ing not more than 5 percent of the value of securities outstanding. Value of securities, determination of. Certificate of notification. Provisions of section not applicable where States regulate securities. Securities not guaranteed by United States. Filing of reports relating to securities. 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. [49 Stat. 850; 16 U.S.C. 824c (c)] (d) The Commission shall not authorize the capitalization of the right to be a corporation or of any franchise, permit, or contracts 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. [49 Stat. 850; 16 U.S.C. 824c (d)] (e) Subsection (a) 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 uility 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 regulations require. [49 Stat. 851; 16 U.S.C. 824c (e)] (f) 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. [49 Stat. 851; 16 U.S.C. 824c (f)] (g) Nothing in this section shall be construed to imply any guaranteee or obligation on the part of the United States in respect of any securities to which the provisions of this section relate. [49 Stat. 851; 16 U.S.C. 824c (g)] (h) 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 NEW RATES SEC. 205. (a) All rates and charges made, demanded, Rates and or received by any public utility for or in connection charges. with the transmission or sale of electric energy subject to the jurisdiction of the Commission, and all rules and regulations affecting or pertaining to such rates or charges shall be just and reasonable, and any such rate or charge that is not just and reasonable is hereby declared to be unlawful. [49 Stat. 851; 16 U.S.C. 824d (a)] (b) No public utility shall, with respect to any transmission or sale subject to the jurisdiction of the Commission, (1) make or grant any undue preference or advantage to any person or subject any person to any undue prejudice or disadvantage, or (2) maintain any unreasonable difference in rates, charges, service, facilities, or in any other respect, either as between localities or as between classes of service. [49 Stat. 851; 16 U.S.C. 824d (b)] (c) Under such rules and regulations as the Commission may prescribe, every public utility shall file with the Commission, within such time and in such form as the Commission may designate, and shall keep open in convenient form and place for public inspection schedules showing all rates and charges for any transmission or sale subject to the jurisdiction of the Commission, and the classification, practices, and regulations affecting such rates and charges, together with all contracts which in any manner affect or relate to such rates, charges, classifications, and services. [49 Stat. 851; 16 U.S.C. 824d (c)] Undue prefertage. ence or advanMaintenance rates or of unreasonable service. Schedules of charges. rates and Schedules open spection. to public in Changes in schedules prohibited. (d) Unless the Commission otherwise orders, no change shall be made by any public utility in any such rates, charges, classification, or service, or in any rule, regulation, or contract relating thereto, except after thirty days' notice to the Commission and to the public. Such notice shall be given by filing with Filing of new the Commission and keeping open for public inspection new schedules stating plainly the change or changes to schedules. |