Dmitry Mugtasimov added the comment:

Further investigation led me to the conclusion that "TO BE" should look like 
this:

6.1.2. The Module Search Path

When a module named spam is imported, the interpreter first searches in the 
containing package (the package of which the current module is a submodule) if 
applicable (a module is not required to be a submodule of a package). If not 
found or module is not a part of any package it searches for a built-in module 
with that name. If not found, it then searches for a file named spam.py in a 
list of directories given by the variable sys.path. sys.path is initialized 
from these locations:

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Python tracker <rep...@bugs.python.org>
<http://bugs.python.org/issue16891>
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