§ 45:1175 — Security issues; exceptions

Nothing in R.S. 45:1168 through 45:1174 shall apply to:
(1) The issue or renewal of, or assumption of liability on, a note or draft maturing not more than one year after the date of the issue, renewal or assumption, and such securities may be issued or liability assumed without application to or order of the commission, but no security so issued shall, in whole or in part, be refunded by any security maturing more than one year after the date of the issue, renewal or assumption except on application to and approval of the commission;
(2) A public utility the security issues of which are subject to the jurisdiction of the Federal Power Commission under the Federal Power Act 1 or to the jurisdiction of the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935; 2 or a public utility the security issues of which are subject to approval, control, regulation or supervision by the federal government or any agency thereof under any other federal statute; or any public utility whose business is subject to regulation by the Federal Communications Commission; or any public utility conducting or carrying on its business or operations in two or more states.
(3) The issue or renewal of, or assumption of liability on, a note, debenture or other evidence of indebtedness payable to United States of America on account of a loan or loans made by United States of America to an electric public utility, as defined in R.S. 45:121, as amended by Acts 1970.
However, paragraph (2) of this section shall not exempt any public utility the security issues of which would be subject to regulation by the federal government or any agency thereof only if such security issues were not regulated by the commission.
1 16 U.S.C.A. §791a et seq.
2 15 U.S.C.A. §79 et seq.

Legislative History

Amended by Acts 1970, No. 34, §5.