[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2311 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2311

    To exempt a foreign holding company from the application of the 
     provisions of the Public Utility Holding Company Act of 1935.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                July 22 (legislative day, July 20), 1994

Mr. Leahy (for himself and Mr. Jeffords) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To exempt a foreign holding company from the application of the 
     provisions of the Public Utility Holding Company Act of 1935.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PUBLIC UTILITY HOLDING COMPANY EXEMPTION.

    (a) In General.--The provisions of the Public Utility Holding 
Company Act of 1935 (15 U.S.C. 79a et seq.) shall not apply to a 
foreign holding company that has a gas utility subsidiary company in a 
foreign country contiguous to the United States and the State of 
Vermont, solely as a result of the acquisition, directly or indirectly, 
by the holding company of all the voting securities of a gas utility 
company that--
            (1) is organized and operating under the laws of Vermont; 
        and
            (2) has its service territory contiguous to the gas utility 
        operations of the holding company.
    (b) Applicability to Affiliates.--The exemption under subsection 
(a) also applies to a person or company that--
            (1) is an affiliate (as defined in section 2(a)(11)(A) of 
        the Public Utility Holding Company Act of 1935 (15 U.S.C. 
        79b(a)(11)(A)) of the holding company described in subsection 
        (a); and
            (2) is not an affiliate of any other public utility company 
        organized and operating in the United States.
    (c) Inapplicability to Other Acquisitions.--The exemption granted 
by subsection (a) shall not apply to the acquisition or retention by 
any holding company of voting securities of a public utility company 
organized or operating within the United States except as provided in 
subsection (a).
                                 <all>