220 ILCS 5/7-105
2021 Illinois Compiled Statutes|Chapter 220 - UTILITIES|220 ILCS 5/ - Public Utilities Act.|Article VII - Intercorporate Relations

Sec. 7-105.         (a) Notwithstanding anything to the contrary in Sections 6-103,  7-101, 7-102, 7-203, 7-204, and 7-204A of this Act or any rule or regulation  promulgated by the Commission, a public utility providing electric service to  more than 500,000 customers in this State may, within 550 days after the  effective date of this amendatory Act of 1993 or any extension of time pursuant  to Section 7-106 of this Act, without the approval or consent of, or prior  filing for the approval or consent of, the Commission:(i) engage in only those transactions as are     reasonably necessary to create a holding company and make the public utility a subsidiary company of the holding company; and(ii) loan to such holding company prior to the 60th     day after the day on which such public utility becomes a subsidiary company of the holding company, amounts which, in the aggregate, do not exceed the lesser of $10,000,000 or 2.5% of the retained earnings of the public utility as reported on its most recent annual report to the Commission.(b) The terms of transactions authorized by Section 7-105(a)(i) shall  require that the holding company pay, or reimburse the public utility for, all  expenses incurred, services rendered, or facilities provided by the public  utility engaging in such transactions.  Such public utility shall incur no  liabilities in or in connection with such transactions other than expenses  incurred to effect such transactions.  The terms of any loan authorized by  Section 7-105(a)(ii) shall require that the loan (i) be repaid no later than  the 240th day after the public utility becomes a subsidiary company of the  holding company and (ii) bear interest at the rate of 10% per annum.  Contracts or arrangements between the public utility and any of its affiliates,  including the holding company, other than as authorized by Section 7-105(a),  shall be subject to the jurisdiction of the Commission under Sections 7-101,  7-102, 7-204A(b), and other applicable provisions, if any, of this Act.(c) Costs incurred by a public utility in effecting or attempting to effect  any transaction authorized by this Section 7-105 shall not be included in rate  base or treated as allowable expenses for purposes of determining the rates to  be charged by the public utility.(d) Not later than the earlier of (i) the 30th day after a public utility or  a company which seeks to become a holding company of such public utility in  accordance with this Section 7-105 files any registration statement or  application with any federal regulatory agency seeking authority for a  transaction in which such public utility would become a subsidiary of such  holding company or (ii) the 180th day after the effective date of this  amendatory Act of 1993, such public utility or holding company shall file with  the Commission, for the information of the Commission and the public, the  information, to the extent available to such public utility or company on such  day, described in Section 7-204A(a) of this Act, and such public utility or  company shall, until the day on which such public utility becomes a  subsidiary of a holding company, file with the Commission all additional such  information, and corrections, amendments, or supplements to all previously  filed such information, as soon as practicable after it becomes available to  such public utility or company; provided, that nothing in this Section 7-105  eliminates or restricts the Commission's authority, on timely motion of any  person or corporation, to enter an order to protect confidential, proprietary,  or trade secret data or information filed with the Commission.(e) As used in Sections 7-105 and 7-106 of this Act, "subsidiary company"  and "holding company" mean a "subsidiary company" and a "holding company" as  defined in the Public Utility Holding Company Act of 1935, as amended.    (Source: P.A. 88-83.)