New Jersey § 48:2-51

§ 48:2-51.

a. Except as otherwise provided by subsection b. of this section, no person shall acquire or seek to acquire control of a public utility directly or indirectly

through the medium of an affiliated or parent corporation or organization, or through

the purchase of shares, the election of a board of directors, the acquisition of proxies

to vote for the election of directors, or through any other manner, without requesting

and receiving the written approval of the Board of Public Utilities. Any agreement reached, or any other action taken, in violation of this act shall

be void. In considering a request for approval of an acquisition of control, the board shall

evaluate the impact of the acquisition on competition, on the rates of ratepayers

affected by the acquisition of control, on the employees of the affected public utility

or utilities, and on the provision of safe and adequate utility service at just and

reasonable rates. The board shall accompany its decision on a request for approval of an acquisition

of control with a written report detailing the basis for its decision, including findings

of fact and conclusions of law. b. Nothing herein shall require the review or approval by the board of any parent

or affiliate corporation of a telecommunications company if such parent or affiliate

corporation does not itself provide regulated telecommunications service or telephone

access line service, in this State, and seeks to combine, merge, or consolidate with,

or acquire or acquire control of, another corporation or other organization which: (1) does not directly provide regulated telecommunications services or telephone access

line service, in this State; and (2) does not directly or through one or more affiliates, own a controlling interest

in another corporation or other organization which provides regulated telecommunications

service or telephone access line service, in this State.