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Ch. 5 2006 LAWS OF MARYLAND
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(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.
(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 [incorporated] THAT OPERATES in Maryland
unless:
1. the stock is acquired as collateral security; and
2. the Commission approves the acquisition.
(ii) The Commission may authorize a public service company of the
same class to take, hold, or acquire more than 10% of the total capital stock of a public
service company [incorporated] THAT OPERATES in Maryland.
(5) A public service company may not be a party to a violation of this
subsection.
6-102.
(a) This section applies only to public service companies that [are] OPERATE
IN Maryland [corporations].
(b) The Commission shall authorize a public service company to issue stocks,
bonds, securities, notes, or other evidence of indebtedness, payable wholly or partly
more than 12 months after the date of issuance, if the Commission finds that the
issuance is reasonably required for the public service company to:
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