Oklahoma § 82-1324.44 - Board approval of acquisition - Conditions for

§ 82-1324.44. Board approval of acquisition - Conditions for

disapproval - Public hearing.

A. The Oklahoma Water Resources Board shall approve any

acquisition of control referred to in Section 6 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 control is

consummated, 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 district or corporation or its

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

customers that the district or corporation is currently rendering;

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

might jeopardize the financial stability of the district or

corporation or otherwise prejudice the interest of the district or

corporation customer;

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

liquidate the district or corporation, 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 district or corporation and not

in the public interest; or

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

would control the operation of the district or corporation 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 6 of this act is filed. The place,

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

notice thereof shall be given by the Board to the person filing the

statement and to the district or corporation at least twenty (20)

Oklahoma Statutes - Title 82. Waters and Water Rights

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 Board at

least fifteen (15) days prior to such public hearing. The district

or corporation shall give notice to its customers as provided in

Section 9 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 Board shall make a

determination of 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 Board has, within sixty

(60) days after the conclusion of such hearing, entered its order

disapproving the acquisition of control.

Added by Laws 1994, c. 339, § 8, emerg. eff. June 8, 1994.