California Public Utilities Code

§ 12773

PUC § 12773 Effective Jan 1, 2025Div. 6 · Ch. 6 · Art. 4

Statute text

(a)For purposes of this section, “security” has the same meaning as defined in Section 25019 of the Corporations Code.

(b)The Sacramento Municipal Utility District may operate a program under which the board of directors of the district may hold nonstock security in a corporation or other private entity if acquired as part of a procurement of goods or services from that entity, or as full or partial consideration for providing that entity services or access to district facilities, if separate funding is not expended solely for the nonstock security. The board of directors of the district may sell or otherwise dispose of the nonstock security when, in its judgment, it is in the best interests of the district to do so.

(c)Before exercising the authority described in subdivision (b), the district’s board of directors shall do all of the following:

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Legislative history

Amended by Stats. 2024, Ch. 400, Sec. 1. (AB 2457) Effective January 1, 2025. Repealed as of January 1, 2035, by its own provisions.