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Securities Legislation - Public Utility Holding Company Act Jurisdiction Of The Securities And Exchange Commission, Robert Kneeland
Securities Legislation - Public Utility Holding Company Act Jurisdiction Of The Securities And Exchange Commission, Robert Kneeland
Michigan Law Review
In 1935 the International Paper and Power Company filed an application with the Securities and Exchange Commission to secure permanent exemption from the provisions of the Public Utility Holding Company Act of 1935. While this application was pending, the company formed a plan for recapitalization of its stock, and applied to the commission for an order validating the plan. The report of the commission on this plan was approved by the requisite number of shareholders of the company, whereupon the commission entered an order purporting to exempt from the provisions of the act the stock and the warrants for stock …