Applicability; who must file.

§ 45.1 Applicability; who must file. (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]