The Department of Public Service, or its duly appointed representative, is hereby authorized as an agency of the State to represent the interests of the State before the Federal Power Commission or other body in all matters relating to the transportation and distribution of natural gas into the State of Vermont or the New England states. Upon findings by the natural gas study commission that (a) the procurement of natural gas for the State of Vermont or parts thereof is economically feasible and could substantially promote the interests of Vermont consumers, domestic and industrial, and (b) that such procurement cannot be obtained by agreement between or among gas transmission or distribution companies within and outside the State, within a reasonable time, not to exceed two years, the Department of Public Service shall be also designated as the agent of the State of Vermont with full powers to act for and represent the State in any negotiations, arrangements, or proceedings for the procurement of natural gas from any source within or outside of the State of Vermont with the right, with the approval of the Governor, to contract for the purchase and transmission of such gas and the resale thereof on a nonprofit basis to the gas transmission or distribution companies, cooperative, municipal, and privately owned, without preference or discrimination, for transmission or distribution within the State. With the approval of the Governor, it may enter into contracts for the transmission of natural gas from the place of purchase to a point or points within the State of Vermont. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1961, No. 267, § 2, eff. Aug. 1, 1961; 1979, No. 204 (Adj. Sess.), § 35, eff. Feb. 1, 1981.)