Order Adopting an Amendment to §25.74 and repeal of §25.75 as ...
Order Adopting an Amendment to §25.74 and repeal of §25.75 as ...
Order Adopting an Amendment to §25.74 and repeal of §25.75 as ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
PROJECT NO. 34038 ORDER PAGE 10 OF 12§25.74. Report on Ch<strong>an</strong>ge in Control, Sale <strong>of</strong> Property, Purch<strong>as</strong>e <strong>of</strong> S<strong>to</strong>ck, or Lo<strong>an</strong>.(a)Pursu<strong>an</strong>t <strong>to</strong> Public Utility Regula<strong>to</strong>ry Act (PURA) §39.262(l)-(m) <strong>an</strong>d §39.915, <strong>an</strong>electric utility must report <strong>to</strong> <strong>an</strong>d obtain approval <strong>of</strong> the commission before closing <strong>an</strong>ytr<strong>an</strong>saction in which:(1) the electric utility will be merged or consolidated with <strong>an</strong>other electric utility;(2) at le<strong>as</strong>t 50% <strong>of</strong> the s<strong>to</strong>ck <strong>of</strong> the electric utility will be tr<strong>an</strong>sferred or sold; or(3) a controlling interest or operational control <strong>of</strong> the electric utility will betr<strong>an</strong>sferred.(b)Pursu<strong>an</strong>t <strong>to</strong> PURA §14.101(a)(1), <strong>an</strong> electric utility shall not sell, acquire, or le<strong>as</strong>e a pl<strong>an</strong>t<strong>as</strong> <strong>an</strong> operating unit or system in the State <strong>of</strong> Tex<strong>as</strong> for a <strong>to</strong>tal consideration <strong>of</strong> more th<strong>an</strong>$100,000 unless the electric utility reports such tr<strong>an</strong>saction <strong>to</strong> the commission at le<strong>as</strong>t onecommission working day before the tr<strong>an</strong>saction closes. Pursu<strong>an</strong>t <strong>to</strong> PURA §37.154, if thetr<strong>an</strong>saction involves the sale, <strong>as</strong>signment, or le<strong>as</strong>e <strong>of</strong> a certificate <strong>of</strong> convenience <strong>an</strong>dnecessity (CCN) or a right obtained under a CCN, the electric utility must obtaincommission approval <strong>of</strong> such CCN tr<strong>an</strong>sfer.(c)An electric utility shall not purch<strong>as</strong>e voting s<strong>to</strong>ck in <strong>an</strong>other public utility doing businessin the State <strong>of</strong> Tex<strong>as</strong> unless the electric utility reports such purch<strong>as</strong>e <strong>to</strong> the commission atle<strong>as</strong>t one commission working day before the tr<strong>an</strong>saction closes.(d)An electric utility shall not lo<strong>an</strong> money, s<strong>to</strong>cks, bonds, notes, or other evidence <strong>of</strong>indebtedness <strong>to</strong> <strong>an</strong>y person who directly or indirectly owns or holds 5% or more <strong>of</strong> the
Change language