NY Pub Serv L § 83 (2021)
2021 New York Laws PBS - Public Service Article 4-A - Provisions Relating to Steam Corporations; Regulating Price of Steam. 83 - Transfer of Franchises, Property or Stocks.

§ 83. Transfer   of  franchises,  property  or  stocks.  1.  No  steam   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.2.  The permission and approval of the commission to the exercise of a   franchise  under  section  eighty-one  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 steam 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, or proposing to operate or operating under a   franchise from the same or any other municipality, 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,  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  steam  corporation,  a street   railroad corporation, a gas corporation, an electric corporation,  or  a   gas  and  electric corporation, shall purchase or acquire, take or hold,   more than ten per centum of the voting capital stock issued by any steam   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 steam corporation may with the consent of   the commission acquire and hold the  remainder  of  the  voting  capital   stock of such steam corporation or any portion thereof.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   steamheating  corporation,  or  shall be recognized as effective for any   purpose.