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ROBERT L. EHRLICH, JR., Governor Ch. 33
THIS SECTION DOES NOT APPLY TO THE ISSUANCE OF ANY STOCK, BOND, SECURITY,
NOTE, OR OTHER EVIDENCE OF INDEBTEDNESS THAT IS ISSUED:
(I) IN ACCORDANCE WITH A REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, FILED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION ON OR BEFORE JUNE 30, 2006; OR
(II) IN ACCORDANCE WITH AN ORDER ISSUED ON OR BEFORE JUNE
30, 2006, BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, THE
FEDERAL ENERGY REGULATORY COMMISSION, OR A REGULATORY AUTHORITY OF
ANOTHER STATE THAT PERFORMS FUNCTIONS SUBSTANTIALLY SIMILAR TO THOSE
PERFORMED BY THE COMMISSION.
(b) (1) Subject to the requirements of subsection (c) of this section, the
Commission may authorize an act described under subsection (a)(2) of this section if
the Commission finds that the act is consistent with the public convenience and
necessity.
(2) Authorization under this subsection does not:
(i) revive a lapsed franchise, validate an invalid franchise, or add
to the powers and privileges in a franchise; or
(ii) waive a forfeiture.
(c) (1) This subsection does not apply to the formation of a holding company
by a public service company in a corporate reorganization that involves an exchange
of stock of the public service company for stock in the holding company.
(2) In this subsection, a company controlling a public service company is
deemed a public service company of the same class as the controlled public service
company.
(3) (I) Without prior authorization of the Commission, a public service
company may not take, hold, or acquire any part of the capital stock of a public service
company or of a subsidiary or affiliate, as defined in § 7-501 of this Article, of a public
service company that:
[(i)] 1. operates in Maryland; and
[(ii)] 2. is of the same class as the acquiring company.
(II) THIS PARAGRAPH DOES NOT PROHIBIT A PUBLIC SERVICE
COMPANY FROM CONTINUING TO HOLD THE CAPITAL STOCK OF ANY PUBLIC
SERVICE COMPANY, OR OF A SUBSIDIARY OR AFFILIATE OF A PUBLIC SERVICE
COMPANY, THAT IT HELD ON MARCH 29, 2006.
(4) (i) Except as provided in subparagraph (ii) of this paragraph, a
stock corporation may not take, hold, or acquire more than 10% of the total capital
stock of a public service company that operates in Maryland unless:
1. the stock is acquired as collateral security; and
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