Goto Section: 53.201 | 53.205 | Table of Contents
Revised as of October 2, 2015
Goto Year:2014 |
§ 53.203 Structural and transactional requirements.
(a) Operational independence. A section 272 affiliate and the BOC of which
it is an affiliate shall not jointly own transmission and switching
facilities or the land and buildings where those facilities are located.
(b) Separate books, records, and accounts. A section 272 affiliate shall
maintain books, records, and accounts, which shall be separate from the
books, records, and accounts maintained by the BOC of which it is an
(c) Separate officers, directors, and employees. A section 272 affiliate
shall have separate officers, directors, and employees from the BOC of which
it is an affiliate.
(d) Credit arrangements. A section 272 affiliate shall not obtain credit
under any arrangement that would permit a creditor, upon default, to have
recourse to the assets of the BOC of which it is an affiliate.
(e) Arm's-length transactions. A section 272 affiliate shall conduct all
transactions with the BOC of which it is an affiliate on an arm's length
basis, pursuant to the accounting rules described in § 32.27 of this chapter,
with any such transactions reduced to writing and available for public
[ 62 FR 2967 , Jan. 21, 1997, as amended at 69 FR 16496 , Mar. 30, 2004; 70 FR 55302 , Sept. 21, 2005]
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Goto Section: 53.201 | 53.205
Goto Year: 2014 |
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