(a) This part applies to any person seeking to hold the following interlocking positions:

(1) Officer or director of more than one public utility;

(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) Officer or director of a public utility and of any company supplying electrical equipment to such public utility.

(b) Any person seeking to hold any interlocking position described in §45.2 of this chapter must do the following:

(1) Apply for Commission authorization under §45.8 of this chapter; or

(2) If qualified, comply with the requirements for automatic authorization under §45.9 of this chapter.

(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.

[Order 446, 51 FR 4904, Feb. 10, 1986, as amended by Order 856, 84 FR 7282, Mar. 4, 2019]