[JSeery]

The original out-cut is an on/off switch, it cuts the generator in at a given rpm and out of the circuit when the engine is turned off. Sounds like what you have is a regulator inside a cut-out case.

"In its simplicity a cut-out is a magnetically controlled switch that provides a path for current flow from the generator to the battery. The cutout permits charging of the battery when the engine is running and prevents the battery from discharging when not."