Texas Water Code
§ 13.302 — PURCHASE OF VOTING STOCK IN ANOTHER PUBLIC UTILITY: REPORT
WA § 13.302Title 2. WATER ADMINISTRATION · Part B. WATER RIGHTS · Ch. 13. WATER RATES AND SERVICES · Art. H. SALE OF PROPERTY AND MERGERS
Statute text
View on source(a)A utility may not purchase voting stock in another utility doing business in this state and a person may not acquire a controlling interest in a utility doing business in this state unless the person or utility files a written application with the utility commission not later than the 61st day before the date on which the transaction is to occur.
(b)The utility commission may require that a person acquiring a controlling interest in a utility demonstrate adequate financial, managerial, and technical capability for providing continuous and adequate service to the requested area and any areas currently certificated to the person.
(c)If the person acquiring a controlling interest cannot demonstrate adequate financial capability, the utility commission may require that the person provide a bond or other financial assurance in a form and amount specified by the utility commission to ensure continuous and adequate utility service is provided.
(d)The utility commission may hold a public hearing on the transaction if the utility commission believes that a criterion prescribed by Section 13.301(e) applies.
(e)Unless the utility commission holds a public hearing, the purchase or acquisition may be completed as proposed:
(1)at the end of the 60-day period; or
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 170 (H.B. 1600), Sec. 2.60, eff. September 1, 2013. Acts 2013, 83rd Leg., R.S., Ch. 171 (S.B. 567), Sec. 60, eff. September 1, 2013.