Section 369:8 Foreign Business.
I. Public utilities carrying on business both within and without this state shall not be subject to the provisions of RSA 369:1-7 when the stock or obligations are to be issued for the acquisition of property, the construction, completion, extension or improvement of their facilities, or the improvement or maintenance of their service entirely without this state, or the discharge or refunding of their obligations or reimbursement of money actually expended for such purposes; provided, however, that the provisions of this section shall not be applicable to the financing by domestic electric utilities of their interests in electric power facilities, as defined in RSA 374-A:1, located without the state.
II. (a) To the extent that the approval of the commission is required by any other statute for any corporate restructuring, financing, change in long-term or short-term indebtedness, or issuance of stock involving parent companies of a public utility regulated by the commission, the approval of the commission shall not be required if the public utility files with the commission a detailed representation in writing no less than 60 days prior to the anticipated completion of the transaction that the transaction will not adversely affect rates, terms, service, or operation of the public utility within the state.
(b) (1) To the extent that the approval of the commission is required by any other statute for any corporate merger or acquisition involving parent companies of a public utility whose rates, terms, and conditions of service are regulated by the commission, the approval of the commission shall not be required if the public utility files with the commission a detailed written representation no less than 60 days prior to the anticipated completion of the transaction that the transaction will not have an adverse effect on rates, terms, service, or operation of the public utility within the state.
(2) If the commission does not issue an order within 60 days of the completed filing, the transaction shall be considered approved as filed.
(3) If the commission within 30 days, and after an opportunity for a public hearing, issues a preliminary written determination that such a merger or acquisition will have an adverse effect on rates, terms, service, or operation of the public utility in the state, the commission shall allow the utility at least 30 days to amend its filing in order to address the commission's preliminary determination.
(4) The commission may extend making its preliminary determination of adverse effect on rates, terms, service, or operation of the public utility in the state for 30 days.
(5) Should the commission find within 30 days after receiving the amended filing, the proposed merger or acquisition has an adverse effect, the commission shall review the transaction under the statute which would have otherwise applied but for this section, and, after an opportunity for a public hearing, issue a ruling based upon the other applicable statute or statutes within 60 days of its determination of adverse effect.
Source. 1911, 164:14. 1917, 76:6. PL 241:9. RL 291:10. 1951, 203:45 par. 8. RSA 369:8. 1975, 501:3. 1997, 298:2. 1999, 289:12, eff. July 1, 1999.