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400 Amp Meter Main 1969

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Hi, please look at the two pictures. I think this is a 400 amp meter main. There are 4 Federal Pacific 100 amp disconnect switches in the garage, directly behind this meter main, which provides the disconnect for this equipment.
What is the yellow device in the middle of the picture? What is the u-shaped equipment that connects the left side line side to the load side bus? The right side of the equipment it appears the line side bus and load side bus are not connected. I think the #12 conductors tapped off of the bus is for the meter, which leads me to think this yellow device is some sort of current or voltage transformer, however it does not look like a transformer. Please help with determining how this equipment operates. Would removing the meter de-energize the load side? See pics. Thank you.

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Discussion Starter · #2 ·
To follow up with the description, I was not able to test the equipment with my digital multi-meter because I did not have proper PPE, however there is power to the house it serves. There was no nameplate or sticker on this panel to indicate the make and model.
 
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