Bill Text: CT SB01140 | 2011 | General Assembly | Comm Sub

Connecticut Senate Bill 1140 (Prior Session Legislation)

Bill Title: An Act Concerning The Department Of Public Utility Control's Jurisdiction Regarding Holding Companies.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2011-04-07 - File Number 458 [SB01140 Detail]

Download: Connecticut-2011-SB01140-Comm_Sub.html

General Assembly		*Substitute Bill No. 1140*
*January Session, 2011*		_____SB01140ET____032311____

AN ACT CONCERNING THE DEPARTMENT OF PUBLIC UTILITY CONTROL'S JURISDICTION REGARDING HOLDING COMPANIES.

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 Subsection (c) of section 16-47 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):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 ten per cent of the shares of such a holding company, (4) enter into a merger or acquisition agreement that would result in more than twenty-five per cent of the members on the board of directors of such a holding company being replaced, (5) enter into a merger or acquisition agreement 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.