Pacific Gas & Electric Co. v. Securities & Exchange Commission
Opinion
Dissenting Opinion
Garrecht, J.
(dissenting).
I dissent from the pef Curiam decision entered herein denying the petitioner’s application, for the reasons hereinafter stated.
This cause has been pending before the court upon a rehearing en banc. Former opinions of this court herein are found in 127 F.2d 378 et seq.
The issues arise on the petition of Pacific Gas and Electric Company to review and modify or set aside an order of the Securities and Exchange Commission, which denied petitioner’s application for an order, pursuant to Section 2(a) (8) of the Public Utility Holding Company Act of 1935, 49 Stat. 803 , 807, 15 U.S.C.A. § 79b (a) (8), declaring it to be not a subsidiary of the North American Company, a registered holding company owning more than 101% of the petitioner’s voting stock.
Pacific Gas and Electric Company, petitioner, in the evidence and also herein sometimes referred to as P. G. & E., is a California corporation, organized in 1905. On March 23, 1912, the Public Utilities Act of California, St. 1911, Ex.Sess., p. 18, became effective, and since that date the Company could issue securities only with the approval of the Railroad Commission of California. All its securities now outstanding,…
Lead Opinion
Order of Securities and Exchange Commission herein affirmed by an equally divided Court.