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2007 Laws of Maryland
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Ch. 577
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generally relating to the authorization of stock and debt transactions by the
Public Service Commission.
BY repealing and reenacting, with amendments,
Article - Public Utility Companies
Section 5-203(b) and 6-101(a)
Annotated Code of Maryland
(1998 Volume and 2006 Supplement)
(As enacted by Chapter 5 of the Acts of the General Assembly of the First
Special Session of 2006)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Public Utility Companies
5-203.
(b) (1) This subsection applies to corporations that operate in Maryland.
(2) [Without] EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS
SUBSECTION, 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.
(5) PRIOR AUTHORIZATION OF THE COMMISSION IS NOT
REQUIRED FOR AN ASSUMPTION OR GUARANTEE UNDER PARAGRAPH (2)(I) OF
THIS SUBSECTION OR AN ISSUANCE UNDER PARAGRAPH (2)(II) OF THIS
SUBSECTION MADE BY A GAS COMPANY, ELECTRIC COMPANY, OR TELEPHONE
COMPANY WHOSE GROSS ANNUAL REVENUES, FOR THE MOST RECENT
CALENDAR YEAR FOR WHICH DATA ARE AVAILABLE, ARE LESS THAN 3% OF THE
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- 3758 -
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