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S.B. 1 VETOES
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6-101.
(a) (1) This subsection applies only to [Maryland] corporations THAT
OPERATE IN MARYLAND.
(2) A public service company shall obtain authorization from the
Commission before the public service company:
(i) assumes or guarantees an obligation or liability with respect to
stocks, bonds, securities, notes, or other evidence of indebtedness of any person that is
payable wholly or partly more than 12 months after the date of the assumption or
guarantee; [or]
(ii) issues stocks, bonds, securities, notes, or other evidence of
indebtedness that is payable wholly or partly more than 12 months after the date
issued; OR
(III) LENDS MONEY TO AN AFFILIATE, AS DEFINED IN § 7-501 OF
THIS ARTICLE, AT RATES OR ON TERMS THAT ARE SIGNIFICANTLY MORE FAVORABLE
TO THE AFFILIATE THAN THE RATES OR TERMS THAT ARE OTHERWISE
COMMERCIALLY AVAILABLE TO THE AFFILIATE.
(3) An issuance under paragraph (2)(ii) of this subsection shall conform
to §§ 6-102 and 6-103 of this subtitle.
(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) 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 that [is]:
(i) [incorporated] OPERATES in Maryland; and
(ii) IS of the same class as the acquiring company.
- 4118 -
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