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ROBERT L. EHRLICH, JR., Governor
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Ch. 5
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5-203.
(a) 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 [incorporated] THAT
OPERATES in Maryland.
(b) (1) This subsection applies to corporations [incorporated] THAT
OPERATE in Maryland.
(2) Without prior authorization of the Commission, a public service
company may not:
(i) assume or guarantee an obligation or liability with respect to
stocks, bonds, securities, notes, or other evidence of indebtedness that is payable as a
whole or in part to any person more than 12 months after the date of issuance; or
(ii) issue stocks, bonds, securities, notes, or other evidence of
indebtedness payable as a whole or in part more than 12 months after the date of
issuance.
(3) Stocks, bonds, securities, notes, or other evidence of indebtedness
described under paragraph (2)(ii) of this subsection shall be issued in accordance with
§§ 6-102 and 6-103 of this article.
(4) THE COMMISSION SHALL TAKE ACTION ON AN APPLICATION FOR
AUTHORIZATION UNDER THIS SECTION WITHIN A REASONABLE TIME AFTER
RECEIPT.
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.
- 119 -
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