§ 70. Transfer of franchises or stocks. 1. No gas corporation or
electric corporation shall transfer or lease its franchise, works or
system or any part of such franchise, works or system to any other
person or corporation or contract for the operation of its works and
system, without the written consent of the commission. Notwithstanding
the foregoing, any transfer or lease with an original cost of (a) less
than one hundred thousand dollars proposed by a gas or electric
corporation having annual gross revenues in excess of two hundred
million dollars or (b) less than twenty-five thousand dollars proposed
by a gas or electric corporation having annual gross revenues of less
than two hundred million dollars shall be effective without the
commission's written consent within ninety days after such corporation
notifies the commission that it plans to complete the transfer or lease
and submits a description of the transfer or lease; provided, however,
that the commission may determine within such ninety days after such
notification and submission that the public interest requires its review
and written consent.

2. The permission and approval of the commission, to the exercise of a
franchise under section sixty-eight of this article, or to the
assignment, transfer or lease of a franchise under this section shall
not be construed to revive or validate any lapsed or invalid franchise
or to enlarge or add to the powers and privileges contained in the grant
of any franchise or to waive any forfeiture.

3. No gas corporation or electric corporation shall directly or
indirectly acquire the stock or bonds of any other corporation
incorporated for, or engaged in, the same or a similar business, in this
state or any other state, or proposing to operate or operating under a
franchise from the same or any other municipality, neither shall any
street railroad corporation acquire the stock or bonds of any electric
corporation, unless authorized so to do by the commission.

4. Save where stock shall be transferred or held for the purpose of
collateral security only with the consent of the commission empowered by
this chapter to give such consent, no stock corporation of any
description, domestic or foreign, company, including, but not limited
to, a limited liability company, association, including a joint stock
association, partnership, including a limited liability partnership, or
person, other than a gas corporation or electric corporation or street
railroad corporation, shall purchase or acquire, take or hold, more than
ten per centum of the voting capital stock issued by any gas corporation
or electric corporation organized or existing under or by virtue of the
laws of this state, except that a corporation now lawfully holding a
majority of the voting capital stock of any gas corporation or electric
corporation may with the consent of the commission acquire and hold the
remainder of the voting capital stock of such gas corporation or
electric corporation or any portion thereof. Provided, that with the
consent of such commission and upon and subject to such terms and
conditions as such commission may fix and impose, any such stock
corporation, company, association, partnership or person may acquire,
take and hold more than ten per centum of the voting capital stock of
any gas corporation or electric corporation, organized or existing under
or by virtue of the laws of this state.

5. No consent shall be given by the commission to the acquisition of
any stock in accordance with this section unless it shall have been
shown that such acquisition is in the public interest. Nothing herein
contained shall be construed to prevent the holding of any stock
heretofore lawfully acquired, nor to prevent, upon the surrender or
exchange of such stock pursuant to a reorganization plan, the purchase,
acquisition, taking or holding of a proportionate amount of stock of any
new corporation organized to take over, at foreclosure or other sale,
the property of any corporation whose stock has been thus surrendered or
exchanged; but the proportion of the voting capital stock of the new
corporation held by a stock corporation, company, association,
partnership or person and acquired by it by any such surrender or
exchange of stock shall not without the consent of the commission exceed
the proportion of the voting capital stock held by it in the former
corporation.

6. Every contract, assignment, transfer or agreement for transfer of
any stock by or through any person or corporation to any corporation,
company, association, partnership or person in violation of any
provision of this chapter shall be void and of no effect, and no such
transfer or assignment shall be made upon the books of any such gas
corporation, or electric corporation, or shall be recognized as
effective for any purpose.

7. No consent, permission or approval otherwise required under this
section shall be necessary for the sale of the franchise, works, system,
stocks or bonds by a gas or electric corporation to a duly constituted
authority of the state.