[Code of Federal Regulations]
[Title 17, Volume 3]
[Revised as of April 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR250.47]

[Page 652]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
       CHAPTER II--SECURITIES AND EXCHANGE COMMISSION (CONTINUED)
 
PART 250_GENERAL RULES AND REGULATIONS, PUBLIC UTILITY HOLDING COMPANY 
ACT OF 1935--Table of Contents
 
Sec.  250.47  Exemption of public utility subsidiaries as to certain 
securities issued to the Rural Electrification Administration.

    (a) Exemption. Any public utility company which is a subsidiary 
company of a registered holding company shall be exempt from the 
obligations, duties, or liabilities imposed by the act or any rule 
thereunder, on such company as a subsidiary company, with respect to the 
issue and sale to the Rural Electrification Administration, of any 
security of which it is the issuer in an amount not exceeding in any one 
calendar year 2 percent of the aggregate of the outstanding funded 
indebtedness plus the capital and surplus accounts of the issuer as of 
the end of the prior calendar year. Such company shall also be exempt 
with respect to the pledge of any security or other property as 
collateral for any security so issued or sold, and with respect to the 
redemption or retirement, in whole or in part, of any such security.
    (b) Certificate of notification. Within 10 days after the issue or 
sale of any security exempt under this section, the issuer shall file 
with the Commission a certificate of notification on Form U-6B-2 
containing the information prescribed by that form.