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FINANCIAL MANAGEMENT Sections 8-9 and 302:

Regulation of the investment of the company's working capital, and other funds; and (Section 11) of the payment of dividends, either to affiliates, or to outside investors.

SECURITIES

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Sections 5-6:

Power over the issuing or change of terms of securities, as to type, price, and terms and conditions of the issue; and (Section 10) over financial reorganizations.

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-11 lines indicate proposed regulation and management by Federal Authorities

---shed lines indicate present regulation by State Authorities

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CORPORATE

THIS IS OUR CORPORATE CHART-BASED ON CHART IN DR. SPLAWN'S REPORT

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Corporate structure is simplicity itself.

No intermediate companies for construction, purchasing or servicing, or anything else.

No minority interests in operating companies. All operating companies controlled direct, except three smallest companies which represent about 342 percent of total system customers.

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