2023 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.