(SB 25)
Public Utilities commission
may regulate the sale of gas or electric public utilities.
Section
1.
That
§
49-34A-35
be amended to read as follows:
49-34A-35.
No public utility shall sell, lease or otherwise dispose of its property or business
constituting an operating unit or system in this state to another public utility or purchase the
property or business constituting an operating unit or system in this state to another public utility
or merge or consolidate with another public utility operating in this state, without first being
authorized to do so by the Public Utilities Commission; provided, that in the event such sale, lease
or other disposition of the property or business of one public utility to another public utility does
not involve a sale, lease or disposition wherein the actual consideration exceeds two hundred
thousand dollars, such sale, lease or disposition shall not be subject to the provisions of this section
No public utility, without first being authorized to do so by the commission, may:
direct or cause the direction of the management and policies of the public utility, whether through
the ownership of voting securities, by contract, or otherwise
.
Section
2.
That
§
49-34A-36
be amended to read as follows:
49-34A-36.
Upon the filing of an application for the approval
and consent
of the
Public
Utilities Commission
commission
to an action described in § 49-34A-35, the commission shall
investigate the
same
application
, with or without public hearing, and in case of a public hearing
,
upon such notice as the commission may require
, and if it shall find that the proposed action is
consistent with the public interests it shall give its consent and approval in writing. In reaching its
determination, the commission shall take into consideration the reasonable value of the property,
plant, equipment or securities to be acquired or disposed of or merged and consolidated
.
The
commission shall act on the application within one hundred eighty days and shall approve the
proposed action unless the commission finds that there is a likelihood of significant adverse
impacts to customers in this state.
Section
3.
That
§
49-34A-37
be amended to read as follows:
49-34A-37.
No public utility subject to the jurisdiction of the
Public Utilities Commission
commission
may purchase voting stock in another public utility doing business in South Dakota
without first having made application to and received the
consent
approval
of the commission
in
writing or by order
within the time and in the manner provide in section 2 of this Act
. An
intentional violation of this section is a petty offense. After the first judgment, each day's violation
is a separate offense.
Section
4.
That
§
49-34A-38
be repealed.
Section
5.
That
§
49-34A-38.1
be repealed.