AMENDMENT #1
SHELBY TECHNICAL AMENDMENT
TO ELIMINATE APPROVAL REQUIREMENTS
REGARDING INTERLOCKING DIRECTORATES


At the end of the proposed legislation, insert the following:

"TECHNICAL AMENDMENT -- Notwithstanding sec. 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. sec.1843(c)(8), any person now holding or proposing to hold the positions of officer or director of a public utility and the position of officer or director of any bank, trust company, banking association or firm authorized by law to underwrite or participate in the marketing of securities of a public utility shall not be subject to section 305(b) of the Federal Power Act, 16 U.S.C. sec. 825d(b) if: (1) such person does not participate in any deliberations or decisions of the public utility regarding the selection of a bank, trust company, banking association or firm to underwrite or participate in the marketing of securities of the public utility if such person serves as an officer or director of a bank, trust company, banking association or firm which is under consideration in the deliberation process, or (2) the bank, trust company, banking association or firm of which such person is an officer or director does not engage in the underwriting, or participate in the marketing of securities of the public utility of which such person holds the position of officer or director, or (3) the public utility for which the person serves or proposes to serve as an officer or director selects underwriters by competitive procedures, or (4) the issuance of securities by such a public utility has been approved by all state and federal regulatory agencies having jurisdiction over such an issuance."


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