NY Pub Serv L § 100 (2021)
2021 New York Laws PBS - Public Service Article 5 - Provisions Relating to Telegraph and Telephone Lines and to Telephone and Telegraph Corporations 100 - Transfer and Ownership of Stock.

§ 100. Transfer and ownership of stock. 1. No telegraph corporation or   telephone  corporation, domestic or foreign, shall hereafter purchase or   acquire, take or hold any part of the capital  stock  of  any  telegraph   corporation  or  telephone  corporation  organized or existing under the   laws of this state unless authorized so to do by the commission.2. Save where stock shall be transferred or held for  the  purpose  of   collateral security, no stock corporation, domestic or foreign, company,   including, but not limited to, a limited liability company, association,   including  a  joint  stock association, partnership, including a limited   liability partnership, or person, other than a telegraph corporation  or   telephone  corporation,  shall,  without  the consent of the commission,   purchase or acquire, take or hold more than ten per centum of the voting   capital  stock  issued  by  any  telegraph  corporation   or   telephone   corporation organized or existing under or by virtue of the laws of this   state.  Any  corporation  now  lawfully holding a majority of the voting   capital stock of any telegraph corporation or telephone corporation may,   without the consent of the commission, acquire and hold the remainder of   the voting capital stock of  such  telegraph  corporation  or  telephone   corporation, or any portion thereof.3.  No  consent shall be given by the commission to the acquisition of   any stock in accordance with this section  unless  it  shall  have  been   shown  that  such  acquisition  is  in  the  public  interest; provided,   however, that any such consent shall be deemed  to  be  granted  by  the   commission  ninety days after such corporation applies to the commission   for its consent, unless the commission, or its designee, determines  and   informs  the applicant in writing within such ninety day period that the   public  interest  requires  the  commission's  review  and  its  written   consent.    Nothing  herein  contained shall be construed to prevent the   holding of any stock heretofore lawfully acquired, nor to prevent,  upon   the  surrender  or  exchange  of such stock pursuant to a reorganization   plan, the purchase, acquisition, taking or holding  of  a  proportionate   amount  of  stock  of  any  new  corporation  organized to take over, at   foreclosure or other sale the property of any  corporation  whose  stock   has been thus surrendered or exchanged; but the proportion of the voting   capital  stock  of  the  new  corporation  held  by a stock corporation,   company, association, partnership or person and acquired by  it  by  any   such surrender or exchange of stock shall not without the consent of the   commission  exceed the proportion of the voting capital stock held by it   in the former corporation.4. Every contract, assignment, transfer or agreement for  transfer  of   any  stock  by  or through any person or corporation to any corporation,   company,  association,  partnership  or  person,  in  violation  of  any   provision  of  this  chapter shall be void and of no effect, and no such   transfer or assignment  shall  be  made  upon  the  books  of  any  such   telegraph  corporation  or telephone corporation, or shall be recognized   as effective for any purpose.