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ROBERT L. EHRLICH, JR., Governor
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S.B.I
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6-103.
(a) This section applies only to public service companies that [are] OPERATE
IN Maryland [corporations].
(b) (1) A public service company may not:
(i) capitalize or issue bonds against or as lien on a contract for
consolidation, merger, or lease; or
(ii) except as provided in paragraph (2) of this subsection, capitalize
a franchise or the right to own a franchise.
(2) A public service company may capitalize a franchise or right to own a
franchise in an amount not exceeding the amount, exclusive of any tax or annual
charge, actually paid to the State or a political subdivision as consideration for the
grant of the franchise or right.
(c) The stated capital, as determined under Title 2, Subtitle 3 of the
Corporations and Associations Article, of a public service company formed by a
merger or consolidation of corporations may not exceed, solely by virtue of the merger
or consolidation, the stated capital of the corporations merged or consolidated plus
any additional sum paid in cash.
(d) (1) This subsection does not apply to the capitalization of a franchise to
be a public service company.
(2) Notwithstanding any other provision of this article, the Commission
may approve the capitalization of tangible and intangible property of:
(i) a newly chartered public service company; or
(ii) a public service company organized or reorganized by the
purchaser of the franchise and property of its predecessor at a sale under judicial
proceedings, mortgage, or deed of trust.
(3) Capitalization under paragraph (2) of this subsection shall be in the
amount and form that the Commission considers reasonably necessary to enable the
public service company to obtain the capital necessary to establish itself as a going
concern.
6-105.
(A) IN THIS SECTION, "AFFILIATE" HAS THE MEANING STATED IN § 7-501 OF
THIS ARTICLE.
(B) (1) THE GENERAL ASSEMBLY FINDS THAT:
(I) EXISTING LEGISLATION REQUIRES THE APPROVAL BY THE
COMMISSION OF THE ACQUISITION BY ONE PUBLIC SERVICE COMPANY OF ANOTHER
PUBLIC SERVICE COMPANY'S STOCKS AND OBLIGATIONS, BUT DOES NOT REQUIRE
THE COMMISSION'S APPROVAL OF THESE ACQUISITIONS BY PERSONS NOT ENGAGED
IN THE PUBLIC UTILITY BUSINESS IN THE STATE; AND
- 4121 -
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