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2579
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MARVIN MANDEL, Governor
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AN ACT concerning
Public Service Commission -
Public Service Companies
FOR the purpose of requiring certain public service
companies to file an annual report with the Public
Service Commission containing certain information on
their corporate structure, voting stock, ownership,
affiliations of their officers and directors, and
debt holdings.
BY adding to
Article 78 - Public Service Commission Law
Section 67A through 67F 67E, inclusive
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 67A through 67F 67E,
inclusive, be and they are hereby added to Article 78 —
Public Service Commission Law, of the Annotated Code of
Maryland (1975 Replacement Volume and 1976 Supplement) to
read as follows:
Article 78 — Public Service Commission Law
67A.
(A) IN §§67A THROUGH 67F 67E OF THIS ARTICLE THE
FOLLOWING WORDS HAVE THE MEANING INDICATED.
(B) "ANNUAL REPORT" MEANS AN ANNUAL REPORT FILED
BY A COMPANY EACH CALENDAR YEAR.
(C) "CONTROL," "CONTROLLING," "CONTROLLED BY" AND
"UNDER COMMON CONTROL WITH" MEANS THE POSSESSION, DIRECT
OR INDIRECT, OF THE POWER TO DIRECT OR CAUSE THE
DIRECTION OF THE MANAGEMENT OR POLICIES OF ANY PERSON.
(D) "FINANCING LEASE" MEANS ANY LEASE WHICH DURING
THE NONCANCELABLE LEASE PERIOD, EITHER COVERS 75 PERCENT
OR MORE OF THE ECONOMIC LIFE OF THE PROPERTY OR HAS TERMS
WHICH ASSURE THE LESSOR OF A FULL RECOVERY OF THE FAIR
MARKET VALUE THAT WOULD NORMALLY BE REPRESENTED BY HIS
INVESTMENT OF THE PROPERTY AT THE INCEPTION OF THE LEASE
PLUS A REASONABLE RETURN ON THE USE OF THE ASSETS
INVESTED SUBJECT ONLY TO LIMITED RISK IN THE REALIZATION
OF THE RESIDUAL INTEREST IN THE PROPERTY AND THE CREDIT
RISKS GENERALLY ASSOCIATED WITH SECURED LOANS.
(E) "4 - DIGIT SIC CODE AND SHORT TITLE" MEANS ANY
4 - DIGIT INDUSTRY SIC CODE OR SHORT TITLE LISTED IN THE
MOST RECENT STANDARD CLASSIFICATION MANUAL PUBLISHED BY
THE OFFICE OF MANAGEMENT AND BUDGET OF THE EXECUTIVE
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