18 CFR §45.1

1. (a)This part applies to any person seeking to hold the following interlocking positions:
   1. (1)Officer or director of more than one public utility;
   2. (2)Officer or director of a public utility and of any bank, trust company, banking association, or firm that is authorized by law to underwrite or participate in the marketing of securities of a public utility; or
   3. (3)Officer or director of a public utility and of any company supplying electrical equipment to such public utility.
2. (b)Any person seeking to hold any interlocking position described in § 45.2 of this chapter must do the following:
   1. (1)Apply for Commission authorization under § 45.8 of this chapter; or
   2. (2)If qualified, comply with the requirements for automatic authorization under § 45.9 of this chapter.
3. (c)Notwithstanding paragraphs (a) and (b) of this section, any person may temporarily hold an interlocking position described in § 45.2 for no more than 90 days within a twelve-month period without applying for Commission authorization under § 45.8 and without complying with the requirements for authorization under § 45.9.