Vermont Statutes Title 30 Sec. 515
Terms Used In Vermont Statutes Title 30 Sec. 515
- Commission: shall mean the Public Utility Commission. See
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
- Trustee: A person or institution holding and administering property in trust.
§ 515. Acquisition of control of a company subject to the jurisdiction of the Public Utility Commission
(a) No person, corporation, partnership, or unincorporated association shall acquire ownership of greater than 40 percent of the voting securities in a company as defined in subdivision 501(3) of this title subject to the supervision of the Public Utility Commission without the approval of the Commission after due notice and opportunity for hearing and a finding on its part that such acquisition will not be contrary to the public good.
(b) For the purposes of this section, voting security means any stock or security presently entitling the owner or holder thereof to vote in the direction or management of the affairs of a company or any security issued under or pursuant to any trust, agreement, or arrangement whereby a trustee or trustees or agent or agents for the owner or holder of such a security are presently entitled to vote in the direction or management of the affairs of a company.
(c) A specified per centum of the outstanding voting securities of such company means such amount of outstanding voting securities of such company as entitles the holder or holders thereof to cast said specified per centum of the aggregate votes which the holders of all the outstanding voting securities of such company are entitled to cast in the direction or management of the affairs of such company. (Added 1987, No. 271 (Adj. Sess.), § 15, eff. June 21, 1988; amended 1999, No. 157 (Adj. Sess.), § 13.)