(1) No person shall acquire or transfer ownership of or control, or the right to control, any assets that are owned by a utility as defined under KRS § 278.010(3)(a) without prior approval of the commission, if the assets have an original book value of one million dollars ($1,000,000) or more and:
(a) The assets are to be transferred by the utility for reasons other than obsolescence; or

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Kentucky Statutes 278.218

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

(b) The assets will continue to be used to provide the same or similar service to the utility or its customers.
(2) The commission shall grant its approval if the transaction is for a proper purpose and is consistent with the public interest.
Effective: April 24, 2002
History: Created 2002 Ky. Acts ch. 365, sec. 14, effective April 24, 2002.