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Martin O'Malley, Governor
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Ch. 577
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TOTAL GROSS ANNUAL REVENUES OF ALL PUBLIC SERVICE COMPANIES IN THE
STATE DURING THE SAME CALENDAR YEAR, IF THE GAS COMPANY, ELECTRIC
COMPANY, OR TELEPHONE COMPANY:
(I) PROVIDES PRIOR WRITTEN NOTICE TO THE
COMMISSION OF THE TRANSACTION; AND
(II) OBTAINS APPROVAL OF THE TRANSACTION FROM THE
ENTITY IN ANOTHER STATE THAT REGULATES THE GAS COMPANY, ELECTRIC
COMPANY, OR TELEPHONE COMPANY.
6-101.
(a) (1) This subsection applies only to corporations that operate in
Maryland.
(2) [A] EXCEPT AS PROVIDED IN PARAGRAPH (4) OF THIS
SUBSECTION, 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;
(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.
(4) 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
TOTAL GROSS ANNUAL REVENUES OF ALL PUBLIC SERVICE COMPANIES IN THE
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- 3759 -
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