§ 39-3-24 - Transactions between utilities for which approval required.
SECTION 39-3-24
§ 39-3-24 Transactions between utilitiesfor which approval required. – With the consent and approval of the division, but not otherwise:
(1) Any two (2) or more public utilities doing business inthe same municipality or locality within this state, or any two (2) or morepublic utilities whose lines intersect or parallel each other within thisstate, or furnish a like service or product within this state, may enter intocontracts with each other that will enable the public utilities to operatetheir lines or plants in connection with each other.
(2) Any public utility may purchase or lease all or any partof the property, assets, plant, and business of any other public utility ormerge with any other public utility, and in connection therewith may exerciseand enjoy all of the rights, powers, easements, privileges, and franchisestheretofore exercised and enjoyed by any other public utility with respect tothe property, assets, plant, and business so purchased, leased, or merged.
(3) Any public utility may merge with any other publicutility or sell or lease all or any part of its property, assets, plant, andbusiness to any other public utility, provided that the merger or a sale orlease of all or substantially all of its property, assets, plant, and businessshall be authorized by a vote of at least two-thirds ( 2/3) in interest of itsstockholders at a meeting duly called for the purpose. Any stockholder whoshall not have voted in favor of the merger sale or lease, either in person orby proxy, shall be entitled to the rights, and the corporation shall be subjectto the duties, obligations, and liabilities set forth in §§7-1.2-1201 and 7-1.2-1202 with respect to dissenting stockholders and tocorporations which sell, lease, or exchange their entire assets respectively.
(4) Any public utility may directly or indirectly purchasethe stock of any other public utility.
(5) This section shall not apply to, and a public utilityshall not be required to obtain the consent and approval of the division for,the issuance of transition bonds or engaging in any other transactions that areset forth in an application for a securitization order that is approved by thecommission pursuant to § 39-1-46.