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IN RE SECURITIES AND EXCHANGE COMMISSION

No. 8463.

142 F.2d 411 (1944)

In re SECURITIES AND EXCHANGE COMMISSION (OTIS & CO., Intervener).

Circuit Court of Appeals, Third Circuit.

Decided April 20, 1944.

As Amended April 26, May 1 and May 24, 1944.

Attorney(s) appearing for the Case

Arthur G. Logan, of Wilmington, Del. (Richard B. Hand, of New York City, on the brief), for appellant.

Roger S. Foster, Philadelphia, Pa. (John F. Davis, Homer Kripke, and John W. Christensen, all of Philadelphia, Pa., on the brief), for Securities and Exchange Commission.

Donald R. Richberg, of Washington, D. C. (John Dern, of Chicago, Ill., and Clarence A. Southerland, of Wilmington, Del., on the brief), for United Light & Power Co.

Before BIGGS, JONES, and McLAUGHLIN, Circuit Judges.

BIGGS, Circuit Judge.

The appeal at bar presents for our determination the question of the meaning of the phrase "fair and equitable" contained in Section 11(e) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k (e). In view of the exhaustive opinion of the Commission,1 those of its concurring and dissenting members and that of the District Court2 it is unnecessary to include here an...

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