In this chapter the following terms shall have the following meanings: “Acquire” or “acquisition” includes any purchase or other acquisition, whether by payment, exchange, gift, conveyance, lease, license, merger, consolidation or otherwise. “Company” means a corporation, a partnership, an association, a joint-stock company, a business trust or an organized group of persons, whether incorporated or […]
A. No person, whether acting alone or in concert with others, shall, directly or indirectly, acquire or dispose of control of: 1. A public utility within the meaning of this chapter, or all of the assets thereof, without the prior approval of the Commission. Any person proposing an acquisition or disposition for which Commission approval […]
It shall be unlawful for any public utility, directly or indirectly, to acquire or dispose of any utility assets situated within the Commonwealth or any utility securities of any other company unless such acquisition or disposition shall have been authorized by the Commission. If and when so authorized by the Commission, any public utility may […]
Application for authority to acquire or dispose of utility assets or utility securities under § 56-89 shall be by petition to the Commission. The petition may be joint or several. It shall be signed and verified by the president or any vice-president and the secretary or any assistant secretary of the petitioner. The petition shall […]
If the Commission shall have granted a petition filed pursuant to § 56-90 in which a public utility has applied for authority to sell utility assets or associated properties situated within the Commonwealth, or an undivided fractional interest therein, to (i) an association of one or more electric cooperatives or electric membership corporations that are […]
The Commission shall establish rules governing petitions by an acquiring public utility that has elected to seek use of the fair market value of a municipal or other governmental selling utility’s water or sewer assets to determine the initial rate base for the purpose of post-acquisition rate recovery. Such rules shall identify information to be […]
Any company violating any provision of § 56-89 shall upon conviction be fined not more than $1,000. 1940, p. 426; Michie Code 1942, § 3774n.
This chapter may be cited as the Utility Transfers Act. 1940, p. 426; Michie Code 1942, § 3774q.
