Maine Revised Statutes Title 35-A Sec. 1103 – Transfer of utility stock
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The following provisions apply to the acquisition of utility stock by another utility: [PL 1987, c. 141, Pt. A, §6 (NEW).]
1. Commission authorization. No public utility may purchase, acquire, take or hold any part of the capital stock of any other public utility organized or existing under the laws of this State without the commission’s authorization.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 1103
- Commission: means the Public Utilities Commission. See Maine Revised Statutes Title 35-A Sec. 102
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Person: includes a corporation, partnership, limited partnership, limited liability company, limited liability partnership, association, trust, estate, any other legal entity or natural person. See Maine Revised Statutes Title 35-A Sec. 102
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Public utility: includes every gas utility, natural gas pipeline utility, transmission and distribution utility, telephone utility, water utility and ferry, as those terms are defined in this section, and each of those utilities is declared to be a public utility. See Maine Revised Statutes Title 35-A Sec. 102
2. Transfer of stock void. Every assignment, transfer, contract or agreement for assignment or transfer of stock by or through a person or corporation or otherwise in violation of this section is void. No transfer that violates this section may be made on the books of a public utility.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
3. Acquiring additional stock. Nothing in this section may be construed to prevent the holding of stock lawfully acquired prior to the effective date of Public Law 1913, chapter 129, section 38, as approved March 27, 1913, or to prevent the acquiring of additional stock by a public utility which owned on that date a majority of the stock of such other utility.
[PL 1987, c. 769, Pt. A, §194 (RPR).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW). PL 1987, c. 490, §B3 (AMD). PL 1987, c. 769, §A194 (AMD).