Oklahoma § 17-158.50 - Definitions

§ 17-158.50. Definitions

1. "Acquiring party" means a person and all affiliates thereof

by whom or on whose behalf an acquisition of control referred to in

Section 158.51 of this title is to be effected;

2. "Affiliate" means a person who directly, or indirectly

through one or more intermediaries, controls, or is controlled by or

is under common control with the person specified including any

corporation created at the direction of the person specified for

purposes of corporate reorganization;

3. "Commission" means the Oklahoma Corporation Commission;

4. "Control" (including the terms "controlling", "controlled

by", and "under common control with") means the possession, direct

or indirect, of the power to direct or cause the direction of the

management and policies of a person, whether through the ownership,

by contract, purchase of assets, or otherwise, unless such power is

the result of an official position with, or corporate office held

in, such person. Control shall be presumed to exist if any person,

directly or indirectly, owns or controls the assets of such rural

electric cooperative. This presumption may be rebutted by showing

that control does not exist in fact. The Commission may determine,

after furnishing all persons in interest notice and opportunity to

be heard and making specific findings of fact to support such

determination, that control exists in fact, notwithstanding the

absence of a presumption to that effect;

Oklahoma Statutes - Title 17. Corporation Commission

5. "Domestic public utility" means a person doing business in

the state, including any other person controlling such a domestic

public utility, any substantial portion of the revenues of which,

either directly or indirectly, are derived from the business of

providing utility service in this state, except that such term does

not include agencies, authorities or instrumentalities of the United

States or a state or political subdivision of a state;

6. "Person" means an individual, a corporation, a partnership,

an association, a joint stock company, a trust, an unincorporated

organization, any similar entity or any combination of the foregoing

acting in concert, but shall not include any securities broker

performing no more than the usual and customary broker's function;

7. "Rural electric cooperative" means a person doing business

in the state, pursuant to Section 437.1 et seq. of Title 18 of the

Oklahoma Statutes;

8. "Utility service" means the distribution, delivery or

furnishing of electric current for sale to the public for light,

heat or power, provided that such term shall not include entities as

described by the provisions of paragraph 2 of subsection B of

Section 151 of this title;

9. "Assets" in the case of a rural electric cooperative means

the physical plant, equipment, accounts receivable, accounts

payable, capital credits and all other assets of such rural electric

cooperative.

Added by Laws 1987, c. 59, § 1, emerg. eff. April 30, 1987. Amended

by Laws 2024, c. 67, § 2, emerg. eff. April 22, 2024.