NY Pub Serv L § 70 (2021)
2021 New York Laws PBS - Public Service Article 4 - Provisions Relating to Gas and Electric Corporations; Regulation of Price of Gas and Electricity 70 - Transfer of Franchises or Stocks.

§ 70. Transfer  of  franchises  or  stocks.  1.  No gas corporation or   electric corporation shall transfer or lease  its  franchise,  works  or   system  or  any  part  of  such  franchise, works or system to any other   person or corporation or contract for the operation  of  its  works  and   system,  without  the written consent of the commission. Notwithstanding   the foregoing, any transfer or lease with an original cost of  (a)  less   than  one  hundred  thousand  dollars  proposed  by  a  gas  or electric   corporation having annual  gross  revenues  in  excess  of  two  hundred   million  dollars  or (b) less than twenty-five thousand dollars proposed   by a gas or electric corporation having annual gross  revenues  of  less   than  two  hundred  million  dollars  shall  be  effective  without  the   commission's written consent within ninety days after  such  corporation   notifies  the commission that it plans to complete the transfer or lease   and submits a description of the transfer or lease;  provided,  however,   that  the  commission  may  determine within such ninety days after such   notification and submission that the public interest requires its review   and written consent.2. The permission and approval of the commission, to the exercise of a   franchise  under  section  sixty-eight  of  this  article,  or  to   the   assignment,  transfer  or  lease of a franchise under this section shall   not be construed to revive or validate any lapsed or  invalid  franchise   or to enlarge or add to the powers and privileges contained in the grant   of any franchise or to waive any forfeiture.3.  No  gas  corporation  or  electric  corporation  shall directly or   indirectly  acquire  the  stock  or  bonds  of  any  other   corporation   incorporated for, or engaged in, the same or a similar business, in this   state  or  any other state, or proposing to operate or operating under a   franchise from the same or any other  municipality,  neither  shall  any   street  railroad  corporation acquire the stock or bonds of any electric   corporation, unless authorized so to do by the commission.4. Save where stock shall be transferred or held for  the  purpose  of   collateral security only with the consent of the commission empowered by   this  chapter  to  give  such  consent,  no  stock  corporation  of  any   description, 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 gas corporation or electric corporation or street   railroad corporation, shall purchase or acquire, take or hold, more than   ten per centum of the voting capital stock issued by any gas corporation   or electric corporation organized or existing under or by virtue of  the   laws  of  this  state,  except that a corporation now lawfully holding a   majority of the voting capital stock of any gas corporation or  electric   corporation  may with the consent of the commission acquire and hold the   remainder of the  voting  capital  stock  of  such  gas  corporation  or   electric  corporation  or  any  portion thereof. Provided, that with the   consent of such commission and  upon  and  subject  to  such  terms  and   conditions  as  such  commission  may  fix  and  impose,  any such stock   corporation, company, association, partnership or  person  may  acquire,   take  and  hold  more than ten per centum of the voting capital stock of   any gas corporation or electric corporation, organized or existing under   or by virtue of the laws of this state.5. 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.  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.6. 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  gas   corporation,   or  electric  corporation,  or  shall  be  recognized  as   effective for any purpose.7. No consent, permission or approval otherwise  required  under  this   section shall be necessary for the sale of the franchise, works, system,   stocks  or  bonds by a gas or electric corporation to a duly constituted   authority of the state.