(a) No person or corporation, whether or not organized under the laws of the Territory, shall sell, acquire or transfer control, either directly, or indirectly of any public utility organized and doing business in this Territory, without first securing authorization from the Commission. Any such acquisition or control without prior authorization shall be void and of no effect.
(b) No public utility incorporated under the laws of this Territory shall sell, nor shall any such public utility make or permit to be made upon its books any transfer of any share or shares of its capital stock, unless authorized to do so by the Commission. Nor shall any public utility incorporated under the laws of this Territory sell any share or shares of its capital stock or make or permit any transfer to be made upon its books, to any corporation, domestic or foreign, or any person, the result of which sale or transfers in itself or in connection with other previous sales or transfers shall be to vest in such corporation or person a majority in interest of the outstanding capital stock of such public utility corporation unless authorized by the Commission.
(c) Where, by the proposed transfer of control, sale, assignment, contract, or agreement for assignment or transfer of capital stock, as set forth in this section, it appears that a public utility or a wholly owned subsidiary of a public utility may be unable to fulfill its obligation to any employee with respect to pension benefits previously enjoyed, whether vested or contingent, the Commission shall not grant its authorization unless the public utility, and/or the prospective stockholders thereof, seeking the Commission's authorization, assume such responsibility and provide such assurance as will be sufficient to insure that all such obligations to employees will be satisfied as they become due.