(a) This part applies to any person seeking to hold the following interlocking positions:

(1) Officer or director of more than one public utility;

(2) Officer or director of a public utility and of any bank, trust company, banking association, or firm that is authorized by law to underwrite or participate in the marketing of securities of a public utility; or

(3) Officer or director of a public utility and of any company supplying electrical equipment to such public utility.

(b) Any person seeking to hold any interlocking position described in § 45.2 of this chapter must do the following:

(1) Apply for Commission authorization under § 45.8 of this chapter; or

(2) If qualified, comply with the requirements for automatic authorization under § 45.9 of this chapter.

(c) Notwithstanding paragraphs (a) and (b) of this section, any person may temporarily hold an interlocking position described in § 45.2 for no more than 90 days within a twelve-month period without applying for Commission authorization under § 45.8 and without complying with the requirements for authorization under § 45.9.