56-46.3 - Foreign utility companies; penalties.
§ 56-46.3. Foreign utility companies; penalties.
A. The provisions of § 33 (a) (2) of the Public Utility Holding Company Actof 1935 (PUHCA), as amended, 15 U.S.C. § 79, et seq., stipulate that certainexemptions afforded a foreign utility company (FUCO) under § 33 (a) (1) ofPUHCA are not applicable unless every state commission having jurisdictionover the retail electric or gas rates of a public utility company that is anassociate company or an affiliate of a company otherwise exempted under said§ 33 (a) (1) (other than a public utility company that is an associatecompany or an affiliate of a registered holding company under PUHCA) hascertified to the United States Securities and Exchange Commission (SEC) thatit has the authority and resources to protect ratepayers subject to itsjurisdiction and that it intends to exercise its authority.
B. Upon application to the Commission by any person which (i) is anaffiliated interest of a public service company, as such terms are defined inChapter 4 (§ 56-76 et seq.) of this title, (ii) proposes to invest in oracquire a specific FUCO, and (iii) is not a registered holding company underPUHCA, and subject to the proviso contained herein, the Commission shall havethe authority to impose upon, and require of, the applicant, the publicservice company, and any other "affiliated interests" of such publicservice company, such terms, conditions, limitations, restrictions,undertakings and commitments as the Commission deems necessary to protect thepublic interest from any adverse effects attributable to such proposed FUCOinvestment or acquisition, including such provisions for the enforcementthereof as the Commission shall deem necessary; and, upon doing so, maycertify to the SEC that the Commission has the authority and resources toprotect the ratepayers of such public service company subject to itsjurisdiction and that it intends to exercise its authority; provided,however, that such applicant, the public service company, and such otheraffiliated interests of such public service company shall have furnished tothe Commission, prior to delivery of said certification to the SEC, and inthe manner prescribed by the Commission, a written statement accepting allsuch terms, conditions, limitations, restrictions, undertakings andcommitments, as the Commission shall have so specified.
C. The Commission shall have the power to enforce the terms, conditions,limitations, restrictions, undertakings and commitments upon which saidcertification was based, including the power to penalize for and enjoin theviolation or attempted violation thereof, and to issue mandatory injunctionsrequiring such actions as may be in the public interest to remedy any suchviolation or attempted violation. Any person committing any such violation orattempted violation, or failing or refusing to obey any order or injunctionof the Commission issued under this section, may be fined by the Commissionsuch sum, not exceeding $100,000, as the Commission may deem proper, and eachday's continuance of such condition shall be a separate offense.
(1997, c. 110.)