NRS 704.329
Mergers, acquisitions or changes in control of public utility or entity that holds controlling interest in public utility: Authorization of Commission required
- time within which Commission must act
- exceptions.
1.
Except as otherwise provided in subsection 6, a person shall not merge with, directly acquire, indirectly acquire through a subsidiary or affiliate, or otherwise directly or indirectly obtain control of a public utility doing business in this State or an entity that holds a controlling interest in such a public utility without first submitting to the Commission an application for authorization of the proposed transaction and obtaining authorization from the Commission.2.
Any transaction that violates the provisions of this section is void and unenforceable and is not valid for any purpose.3.
Before authorizing a proposed transaction pursuant to this section, the Commission shall consider the effect of the proposed transaction on the public interest and the customers in this State. The Commission shall not authorize the proposed transaction unless the Commission finds that the proposed transaction:(a)
Will be in the public interest; and(b)
Complies with the provisions of NRS 704.7561 to 704.7595, inclusive, if the proposed transaction is subject to those provisions.4.
The Commission may base its authorization of the proposed transaction upon such terms, conditions or modifications as the Commission deems appropriate.5.
If the Commission does not issue a final order regarding the proposed transaction within 180 days after the date on which an application or amended application for authorization of the proposed transaction was filed with the Commission, and the proposed transaction is not subject to the provisions of NRS 704.7561 to 704.7595, inclusive, the proposed transaction shall be deemed to be authorized by the Commission.6.
The provisions of this section do not apply to:(a)
The transfer of stock of a public utility doing business in this State or to the transfer of the stock of an entity that holds a controlling interest in such a public utility, if a transfer of not more than 25 percent of the common stock of such a public utility or entity is proposed.(b)
Except as otherwise provided in this paragraph, a proposed transaction involving a public utility doing business in this State providing telecommunication services or an entity that holds a controlling interest in such a public utility if, in the most recently completed calendar year, not more than 10 percent of the gross operating revenue of the public utility or the entity that holds a controlling interest in the public utility was derived from intrastate telecommunication services provided to retail customers in this State by the public utility. A person who proposes such a transaction shall file with the Commission written notice of the proposed transaction. The notice must identify each party to the proposed transaction and include a verified statement that not more than 10 percent of the gross operating revenue of the public utility or the entity that holds a controlling interest in the public utility was derived from intrastate telecommunication services provided to retail customers in this State by the public utility in the most recently completed calendar year. Upon filing the notice required by this paragraph, the person may submit a written request that the Regulatory Operations Staff of the Commission and the Consumer’s Advocate waive the right pursuant to subparagraph (1) to request an order from the Commission requiring the person to file an application for authorization of the proposed transaction. If the Regulatory Operations Staff and the Consumer’s Advocate waive in writing the right to request an order from the Commission requiring the person to file an application, the proposed transaction is exempted from the provisions of this section. Such a proposed transaction is not exempted from the provisions of this section if:(1)
Not later than 30 days after the date on which the person undertaking the proposed transaction files the notice required by this paragraph, the Regulatory Operations Staff of the Commission or the Consumer’s Advocate requests an order from the Commission requiring the person to file an application for authorization of the proposed transaction, and has not waived its right to request such an order;(2)
The request alleges in sufficient detail that the proposed transaction may materially affect retail customers of public utilities in this State; and(3)
The Commission issues an order requiring the person to file an application for authorization of the proposed transaction.(c)
A public utility engaged in the business of furnishing, for compensation, water or services for the disposal of sewage, or both, to persons within this State if the utility:(1)
Serves 15 persons or less; and(2)
Operates in a county whose population is 700,000 or more.(d)
A provider of commercial mobile radio service.7.
As used in this section:(a)
“Person” means:(1)
A natural person;(2)
Any form of business or social organization and any other nongovernmental legal entity, including, without limitation, a corporation, partnership, association, trust or unincorporated organization;(3)
A government or an agency or instrumentality of a government, including, without limitation, this State or an agency or instrumentality of this State; and(4)
A political subdivision of this State or of any other government or an agency or instrumentality of a political subdivision of this State or of any other government.(b)
“Transaction” means a merger, acquisition or change in control described in subsection 1.
Source:
Section 704.329 — Mergers, acquisitions or changes in control of public utility or entity that holds controlling interest in public utility: Authorization of Commission required; time within which Commission must act; exceptions., https://www.leg.state.nv.us/NRS/NRS-704.html#NRS704Sec329.