§ 5-203. Authorization required to purchase or acquire capital stock of public service company
West's Annotated Code of MarylandPublic UtilitiesEffective: July 1, 2015
Effective: July 1, 2015
MD Code, Public Utilities, § 5-203
Formerly cited as MD PUBLIC UTIL COMP § 5-203
§ 5-203. Authorization required to purchase or acquire capital stock of public service company
(a) This section does not apply to a merger of or transfer of stock or other ownership interest between:
(b) Subject to § 6-101 of this article, without prior authorization of the Commission, a public service company may not purchase, acquire, take, or hold any part of the capital stock of another public service company that operates in Maryland.
(c)(1) This subsection applies to corporations that operate in Maryland.
(5) Prior authorization of the Commission is not required for an assumption or guarantee under paragraph (2)(i) of this subsection or an issuance under paragraph (2)(ii) of this subsection made by a gas company, electric company, or telephone company whose gross annual revenues, for the most recent calendar year for which data are available, are less than 3% of the total gross annual revenues of all public service companies in the State during the same calendar year, if the gas company, electric company, or telephone company:
Credits
Added by Acts 1998, c. 8, § 2, eff. Oct. 1, 1998. Amended by Acts 2006, 1st Sp. Sess., c. 5, § 3, eff. July 1, 2007; Acts 2007, c. 577, § 1, eff. July 1, 2007; Acts 2015, c. 250, § 3, eff. July 1, 2015.
MD Code, Public Utilities, § 5-203, MD PUBLIC UTIL § 5-203
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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