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ADDENDA TO COUNCIL DRAFT 3 1 (January 22, 1975)

handle is hein.ali/alifs0036 and id is 1 raw text is: January 22, 1975 FEDERAL SECURITIES CODE Addenda to Council Draft No. 3 §225AA(a). In line 5, change an obligation to a debt. 9225AA(b). In line 2, after all, insert: applicable. §230(a). Substitute: * * * but the term does not include (1) a bank or insurance company that owns such facilities only (A) as collateral for a debt, (B) pending prompt liquida- tion after foreclosure, or (C) in the ordinary course of its business as a fiduciary, or (2) a nonaffiliate of such a company that (A) is primarily engaged in one or more businesses other than that of a utility company, or is a company all of whose equity interest is owned by one or more companies so engaged, either directly or through subsidiaries, and (B) leases such facilities to a utility company on conditions authorized by rule or order. COMMENT: §230(a) (2): The language is still under discussion with a number of persons. §230(b)(1). In line 3, after sold, insert: or revenues received from the business of an electric company. §265. In line 7, after indenture, insert: or other instrument. §299.1A. Substitute: Sinking fund means a fund created pursuant to a contrac- tual obligation for periodic amortization of a class of debt securities.

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