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(ii) independence and objectivity, including that the firm be free from personal or external impairments to independence, and should assume an independent position with the State commission and auditee, making certain that the audit is based upon an impartial consideration of all pertinent facts and responsible opinions.

(B) The public utility company and the exempt telecommunications company shall cooperate fully with all reasonable requests necessary to perform the audit and the public utility company shall bear all costs of having the audit performed.

(3) AVAILABILITY OF AUDITOR'S REPORT.-The auditor's report shall be provided to the State commission not later than 6 months after the selection of the auditor, and provided to the public utility company not later than 60 days thereafter.

(n) APPLICABILITY OF TELECOMMUNICATIONS REGULATION.Nothing in this section shall affect the authority of the Federal Communications Commission under the Communications Act of 1934, or the authority of State commissions under State laws concerning the provision of telecommunications services, to regulate the activities of an exempt telecommunications company.

SEPARABILITY OF PROVISIONS SEC. 35. [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.


SEC. 36. [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



(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:



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



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

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.

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