No electrical utility, without the approval of the commission and compliance with all other existing requirements of the laws of the State in relation thereto, may sell, assign, transfer, lease, consolidate, or merge its utility property, powers, franchises, or privileges, or any of them, except that any electrical utility which has utility property, the fair market value of which is one million dollars or less, may sell, assign, transfer, lease, consolidate, or merge this property without prior approval of the commission. The commission may, at its discretion, hold a hearing on the request of an electrical utility to sell, assign, transfer, lease, consolidate, or merge its utility property, powers, franchises, or privileges, or any of them. An electric utility seeking approval of a transfer under this provision shall serve a copy of the application on the Office of Regulatory Staff. For purposes of this section, "utility property" shall include property used and useful to provide customers with electric service and which has been properly included in the electric utility's rate base, including construction work in progress or property held to serve future customers. Utility property that has been transferred to nonutility accounts must continue to be treated as utility property under this provision for five years following the transfer.
HISTORY: 1962 Code Section 24-70; 1952 Code Section 24-70; 1942 Code Section 8555-2; 1932 (37) 1497; 1934 (38) 1452; 1935 (39) 207; 1937 (40) 493; 1988 Act No. 449, eff April 18, 1988; 1996 Act No. 349, Section 1, eff May 29, 1996; 2006 Act No. 318, Section 188, eff May 24, 2006.