General Assembly Raised Bill No. 1140
January Session, 2011 LCO No. 4200
*04200_______ET_*
Referred to Committee on Energy and Technology
Introduced by:
(ET)
General Assembly
Raised Bill No. 1140
January Session, 2011
LCO No. 4200
*04200_______ET_*
Referred to Committee on Energy and Technology
Introduced by:
(ET)
AN ACT CONCERNING THE DEPARTMENT OF PUBLIC UTILITY CONTROL'S JURISDICTION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (c) of section 16-47 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(c) No corporation, association, partnership, trust or similar organization [,] or person shall, without first making written application to and obtaining the approval of the department, (1) take any action that causes it to become a holding company with control over a gas, electric, electric distribution, water, telephone or community antenna television company engaged in the business of supplying service within this state, [or] (2) acquire, directly or indirectly, control over such a holding company, [or] (3) take any action that would cause its shareholders to own at least one hundred per cent of the shares of such a holding company, (4) take any action that would result in more than twenty-five per cent of the members on a board of directors of such a holding company being replaced, (5) take any action that would result in at least a twenty-five per cent increase in the number of positions on the board of directors of such a holding company, or (6) take any action that would if successful cause it to become or to acquire control over such a holding company. [, without first making written application to and obtaining the approval of the department.] Any such corporation, association, partnership, trust or similar organization, or person applying to the department for such approval shall pay the reasonable expenses incurred by the department in carrying out its duties under this subsection, and accordingly, shall deposit with the department a bond, executed by a surety company authorized to do business in this state, in the amount of fifty thousand dollars, conditioned to indemnify the department for such expenses.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 16-47(c)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
16-47(c)
Statement of Purpose:
To expand the instances of when a holding company needs the Department of Public Utility Control's approval to acquire control over a gas, electric, electric distribution, water, telephone or community antenna television company.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]