A. The Corporation Commission shall approve any acquisition of control referred to in Section 2 of this act unless, after a public hearing thereon, it finds that one or more of the following conditions will exist if such acquisition of contol is consummated, in which event it shall disapprove such acquisition of control and the same shall not be consummated:
1. The acquisition of control would adversely affect the contractual obligations of the rural electric cooperative or its ability or commitment to render the same level of service to its customers that the rural electric cooperative is currently rendering;
2. The effect of the acquisition of control would be substantially to lessen competition in the furnishing of public utility service in this state;
3. The financial condition of any acquiring party is such as might jeopardize the financial stability of the rural electric cooperative or otherwise prejudice the interest of the rural electric cooperative's customers;
4. The plans or proposals which an acquiring party has to liquidate the rural electric cooperative, sell its assets, or a substantial part thereof, or consolidate or merge it with any person, or to make any other material change in its investment policy, business or corporate structure or management, would be detrimental to the customers of the rural electric cooperative and not in the public interest; or
5. The competence, experience and integrity of the persons who would control the operation of the rural electric cooperative are such that it would not be in the interest of its customers and the public to permit the acquisition of control.
B. The public hearing referred to in subsection A of this section shall be commenced within thirty (30) days after the statement required by Section 2 of this act is filed. The place, date and time for such public hearing shall be set by the Commission and notice thereof shall be given by the Commission to the person filing the statement and to the rural electric cooperative at least twenty (20) days prior to the date of the public hearing. Notice of the public hearing shall be given by the person filing the statement to such other persons and in such manner as may be directed by the Commission at least fifteen (15) days prior to such public hearing. The rural electric cooperative shall give notice to its customers as provided in Section 5 of this act. The public hearing referred to in subsection A of this section shall be concluded within thirty (30) days after the commencement of such hearing. The Commission shall make a determination on the factors specified in subsection A of this section within thirty (30) days after the conclusion of such hearing, and any acquisition of control within the purview of this section shall be deemed approved unless the Commission has, within thirty (30) days after the conclusion of such hearing, entered its order disapproving the acquisition of control.
Added by Laws 1987, c. 59, § 4, emerg. eff. April 30, 1987.