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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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