MARYLAND, Sct.:

At a Session of the General Assembly of Maryland, begun and held in the City of
Annapolis on the Thirteenth Day of January 1999, and ending on the Twelfth
Day of April 1999, Parris N. Glendening being Governor of the State, the
following laws were enacted to wit:

CHAPTER 1
(House Bill 3)

AN ACT concerning

Public Service Companies - Holding Companies

FOR the purpose of exempting the formation of certain holding companies by public
service companies in a certain manner from certain restrictions on the holding
and acquisition of stock of and by public service companies; and making this an
emergency measure.

BY repealing and reenacting, with amendments,
Article - Public Utility Companies
Section 6-101(c)
Annotated Code of Maryland
(1998 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Public Utility Companies

6-101.

(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.

[(1)](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.

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.

Strike out indicates matter stricken from the bill by amendment or deleted from
the law by amendment.

Italics indicate opposite chamber / conference committee amendments.