HB 1618

HB 1618 - AS INTRODUCED

AN ACT relative to requiring legislative approval for mergers, acquisitions, or restructuring of certain electric utility corporations.

SPONSORS: Rep. Gilmore, Straf 11; Rep. D. White, Hills 25; Rep. Phinizy, Sull 7; Rep. Howard, Carr 10; Sen. Below, Dist 5; Sen. F. King, Dist 1

This bill requires legislative approval by passage of appropriate legislation of a merger, acquisition, or restructuring of certain electric utility corporations.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

AN ACT relative to requiring legislative approval for mergers, acquisitions, or restructuring of certain electric utility corporations.

Be it Enacted by the Senate and House of Representatives in General Court convened:

I. Part 2, Article 83 of the New Hampshire constitution in part states that: "Free and fair competition in the trades and industries is an inherent and essential right of the people and should be protected against all monopolies and conspiracies which tend to hinder or destroy it. The size and functions of all corporations should be so limited and regulated as to prohibit fictitious capitalization and provision should be made for the supervision and government thereof. Therefore, all just power possessed by the state is hereby granted to the general court to enact laws to prevent the operations within the state of all persons and associations, and all trusts and corporations, foreign or domestic, and the officers thereof, who endeavor to raise the price of any article of commerce or to destroy free and fair competition in the trades and industries through combination, conspiracy, monopoly, or any other unfair means; to control and regulate the acts of all such persons, associations, corporations, trusts, and officials doing business within the state; to prevent fictitious capitalization; and to authorize civil and criminal proceedings in respect to all the wrongs herein declared against."

II. In furtherance of the obligations and powers granted to the general court concerning free and fair competition expressed in Part 2, Article 83 of the constitution and in consideration of the ramifications for economic development and economic well being in the state, the general court finds that certain mergers, acquisitions, or restructuring of electric utility corporations require the approval of the general court.

2 New Paragraph; Foreign Businesses; Legislative Approval. Amend RSA 369:8 by inserting after paragraph II the following new paragraph:

III. Notwithstanding any contrary provisions of paragraph II, the commission shall issue a ruling under paragraph II where approval is required by any other statute for any corporate restructuring, financing, change in long-term or short-term indebtedness, or issuance of stock involving parent companies of an electric utility serving over 50 percent of the state's electric utility customers, and which is regulated by the commission, or for any corporate merger or acquisition involving parent companies of a electric utility serving over 50 percent of the state's electric utility customers whose rates, terms, and conditions of service are regulated by the commission, but the ruling of the commission on any such merger, acquisition, or restructuring shall not take effect until receiving the approval of the general court by passage of appropriate legislation.