42 U.S.C. § 16459: Savings provisions

Summary

If a person or company was legally doing something on August 8, 2005, they can keep doing it. They must keep following the permission they had, but the rule about when that permission ends (an expiration or termination date) does not stop them. This does not reduce the Commission’s power under the Federal Power Act or the Natural Gas Act. Tax rules under section 1081 of title 26 for transactions done under the old Public Utility Holding Company Act of 1935 are not changed by repealing that Act and enacting the Public Utility Holding Company Act of 2005.

Title 42, §16459

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(a)In general

Nothing in this part, or otherwise in the Public Utility Holding Company Act of 1935, or rules, regulations, or orders thereunder, prohibits a person from engaging in or continuing to engage in activities or transactions in which it is legally engaged or authorized to engage on August 8, 2005, if that person continues to comply with the terms (other than an expiration date or termination date) of any such authorization, whether by rule or by order.

(b)Effect on other Commission authority

Nothing in this part limits the authority of the Commission under the Federal Power Act (16 U.S.C. 791a et seq.) or the Natural Gas Act (15 U.S.C. 717 et seq.).

(c)Tax treatment

Tax treatment under section 1081 of title 26 as a result of transactions ordered in compliance with the Public Utility Holding Company Act of 1935 (15 U.S.C. 79 et seq.) shall not be affected in any manner due to the repeal of that Act and the enactment of the Public Utility Holding Company Act of 2005 [42 U.S.C. 16451 et seq.].

Notes & Related Subsidiaries

Editorial Notes

References in Text

This part, referred to in text, was in the original “this subtitle”, meaning subtitle F (§§ 1261–1277) of title XII of Pub. L. 109–58, Aug. 8, 2005, 119 Stat. 972, known as the Public Utility Holding Company Act of 2005, which enacted this part, amended section 824 and 824m of Title 16, Conservation, repealed chapter 2C (§ 79 et seq.) of Title 15, Commerce and Trade, and section 825q of Title 16, and enacted provisions set out as notes under section 15801 and 16451 of this title. For complete classification of subtitle F to the Code, see

Short Title

note set out under section 15801 of this title and Tables. The Public Utility Holding Company Act of 1935, referred to in subsecs. (a) and (c), is title I of act Aug. 26, 1935, ch. 687, 49 Stat. 803, which was classified generally to chapter 2C (§ 79 et seq.) of Title 15, Commerce and Trade, prior to repeal by Pub. L. 109–58, title XII, § 1263, Aug. 8, 2005, 119 Stat. 974. For complete classification of this Act to the Code, see Tables. The Federal Power Act, referred to in subsec. (b), is act

June 10, 1920, ch. 285, 41 Stat. 1063, which is classified generally to chapter 12 (§ 791a et seq.) of Title 16, Conservation. For complete classification of this Act to the Code, see section 791a of Title 16 and Tables. The Natural Gas Act, referred to in subsec. (b), is act

June 21, 1938, ch. 556, 52 Stat. 821, which is classified generally to chapter 15B (§ 717 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 717w of Title 15 and Tables. Section 1081 of title 26, referred to in subsec. (c), was repealed by Pub. L. 109–135, title IV, § 402(a)(1), Dec. 21, 2005, 119 Stat. 2610. The Public Utility Holding Company Act of 2005, referred to in subsec. (c), is subtitle F (§§ 1261–1277) of title XII of Pub. L. 109–58. See note for this part above.

§16459 Savings Provisions