Oklahoma § 17-158.53 - Approval of acquisition of control - Public hearing

§ 17-158.53. Approval of acquisition of control - Public hearing

A. The Corporation Commission shall approve any acquisition of

control referred to in Section 2 of this act unless, after a public

hearing thereon, it finds that one or more of the following

conditions will exist if such acquisition of contol is consummated,

Oklahoma Statutes - Title 17. Corporation Commission

in which event it shall disapprove such acquisition of control and

the same shall not be consummated:

1. The acquisition of control would adversely affect the

contractual obligations of the rural electric cooperative or its

ability or commitment to render the same level of service to its

customers that the rural electric cooperative is currently

rendering;

2. The effect of the acquisition of control would be

substantially to lessen competition in the furnishing of public

utility service in this state;

3. The financial condition of any acquiring party is such as

might jeopardize the financial stability of the rural electric

cooperative or otherwise prejudice the interest of the rural

electric cooperative's customers;

4. The plans or proposals which an acquiring party has to

liquidate the rural electric cooperative, sell its assets, or a

substantial part thereof, or consolidate or merge it with any

person, or to make any other material change in its investment

policy, business or corporate structure or management, would be

detrimental to the customers of the rural electric cooperative and

not in the public interest; or

5. The competence, experience and integrity of the persons who

would control the operation of the rural electric cooperative are

such that it would not be in the interest of its customers and the

public to permit the acquisition of control.

B. The public hearing referred to in subsection A of this

section shall be commenced within thirty (30) days after the

statement required by Section 2 of this act is filed. The place,

date and time for such public hearing shall be set by the Commission

and notice thereof shall be given by the Commission to the person

filing the statement and to the rural electric cooperative at least

twenty (20) days prior to the date of the public hearing. Notice of

the public hearing shall be given by the person filing the statement

to such other persons and in such manner as may be directed by the

Commission at least fifteen (15) days prior to such public hearing.

The rural electric cooperative shall give notice to its customers as

provided in Section 5 of this act. The public hearing referred to

in subsection A of this section shall be concluded within thirty

(30) days after the commencement of such hearing. The Commission

shall make a determination on the factors specified in subsection A

of this section within thirty (30) days after the conclusion of such

hearing, and any acquisition of control within the purview of this

section shall be deemed approved unless the Commission has, within

thirty (30) days after the conclusion of such hearing, entered its

order disapproving the acquisition of control.

Added by Laws 1987, c. 59, § 4, emerg. eff. April 30, 1987.

Oklahoma Statutes - Title 17. Corporation Commission