A tapped transformer drives a diode bridge (D1-D4) and two 2500 ÂµÂ¥ filter capacitors (Cl and C2), that provide a no-load voltage of 37 or 47 volts, depending upon the position of switch S2a. The unregulated dc is then fed to a pre-regulator stage composed of Ql and D5. Those components protect IC1 (the 723) from an over-voltage condition; the 723 can't handle more than 40 volts. The LED (LED1) and its 2.2 k current-limiting resistor (Rl) provide on/off indication. The current through the LED varies slightly according to the transformer tap selected, but that's of no real consequence.
The series-pass transistor in IC1 drives voltage-follower Q2, providing current amplification. The transistor can handle lots of power. It has a maximum collector current of 15 amps and a maximum VCE of 70 V, both of which are more than adequate for our supply.