2023 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.