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ROBERT L. EHRLICH, JR., Governor Ch. 33
Approved April 6, 2006.
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CHAPTER 33
(Senate Bill 1107)
AN ACT concerning
Public Service Companies - Issuance and Holding of Capital Stock and Debt
FOR the purpose of providing that certain provisions of law do not prohibit a public
service company from continuing to hold the capital stock of another public
service company that it held on a certain date; providing that certain provisions
of law do not apply to the issuance in a certain manner of stock, bonds,
securities, notes, or other evidences of indebtedness by certain public service
companies that operate, but are not incorporated, in Maryland on or before a
certain date; providing that certain provisions of law do not prohibit a public
service company from continuing to hold the capital stock of another public
service company or a subsidiary or an affiliate of a public service company that
it held on a certain date; making this Act an emergency measure; making this
Act contingent on the taking effect of another Act; and generally relating to the
issuance and holding of capital stock and debt by public service companies.
BY repealing and reenacting, with amendments,
Article - Public Utility Companies
Section 5-203 and 6-101
Annotated Code of Maryland
(1998 Volume and 2005 Supplement)
(As enacted by Chapter____(H.B. 1713) of the Acts of the General Assembly of
2006)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Public Utility Companies
5-203.
(a) (1) 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.
(2) THIS SUBSECTION DOES NOT PROHIBIT A PUBLIC SERVICE COMPANY
FROM CONTINUING TO HOLD THE CAPITAL STOCK OF ANOTHER PUBLIC SERVICE
COMPANY THAT IT HELD ON MARCH 29, 2006.
(b) (1) This subsection applies to corporations that operate in Maryland.
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