Goto Section: 53.201 | 53.205 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 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
(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 affiliate.
(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
(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 inspection.
[ 62 FR 2967 , Jan. 21, 1997, as amended at 69 FR 16496 , Mar. 30, 2004;
70 FR 55302 , Sept. 21, 2005]
Goto Section: 53.201 | 53.205
Goto Year: 2020 |
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