Section 70. Transfer of franchises or stocks

1.  No gas corporation or
  electric corporation shall transfer or lease  its  franchise,  works  or
  system  or  any  part  of  such  franchise, works or system to any other
  person or corporation or contract for the operation  of  its  works  and
  system,  without  the written consent of the commission. Notwithstanding
  the foregoing, any transfer or lease with an original cost of  (a)  less
  than  one  hundred  thousand  dollars  proposed  by  a  gas  or electric
  corporation having annual  gross  revenues  in  excess  of  two  hundred
  million  dollars  or (b) less than twenty-five thousand dollars proposed
  by a gas or electric corporation having annual gross  revenues  of  less
  than  two  hundred  million  dollars  shall  be  effective  without  the
  commission's written consent within ninety days after  such  corporation
  notifies  the commission that it plans to complete the transfer or lease
  and submits a description of the transfer or lease;  provided,  however,
  that  the  commission  may  determine within such ninety days after such
  notification and submission that the public interest requires its review
  and written consent.
    2. The permission and approval of the commission, to the exercise of a
  franchise  under  section  sixty-eight  of  this  article,  or  to   the
  assignment,  transfer  or  lease of a franchise under this section shall
  not be construed to revive or validate any lapsed or  invalid  franchise
  or to enlarge or add to the powers and privileges contained in the grant
  of any franchise or to waive any forfeiture.
    3.  No  gas  corporation  or  electric  corporation  shall directly or
  indirectly  acquire  the  stock  or  bonds  of  any  other   corporation
  incorporated for, or engaged in, the same or a similar business, in this
  state  or  any other state, or proposing to operate or operating under a
  franchise from the same or any other  municipality,  neither  shall  any
  street  railroad  corporation acquire the stock or bonds of any electric
  corporation, unless authorized so to do by the commission.
    4. Save where stock shall be transferred or held for  the  purpose  of
  collateral security only with the consent of the commission empowered by
  this  chapter  to  give  such  consent,  no  stock  corporation  of  any
  description, domestic or foreign, company, including,  but  not  limited
  to,  a  limited  liability company, association, including a joint stock
  association, partnership, including a limited liability partnership,  or
  person,  other  than a gas corporation or electric corporation or street
  railroad corporation, shall purchase or acquire, take or hold, more than
  ten per centum of the voting capital stock issued by any gas corporation
  or electric corporation organized or existing under or by virtue of  the
  laws  of  this  state,  except that a corporation now lawfully holding a
  majority of the voting capital stock of any gas corporation or  electric
  corporation  may with the consent of the commission acquire and hold the
  remainder of the  voting  capital  stock  of  such  gas  corporation  or
  electric  corporation  or  any  portion thereof. Provided, that with the
  consent of such commission and  upon  and  subject  to  such  terms  and
  conditions  as  such  commission  may  fix  and  impose,  any such stock
  corporation, company, association, partnership or  person  may  acquire,
  take  and  hold  more than ten per centum of the voting capital stock of
  any gas corporation or electric corporation, organized or existing under
  or by virtue of the laws of this state.
    5. No consent shall be given by the commission to the  acquisition  of
  any  stock  in  accordance  with  this section unless it shall have been
  shown that such acquisition is in the public  interest.  Nothing  herein
  contained  shall  be  construed  to  prevent  the  holding  of any stock
  heretofore lawfully acquired, nor to  prevent,  upon  the  surrender  or
  exchange  of such stock pursuant to a reorganization plan, the purchase,
  acquisition, taking or holding of a proportionate amount of stock of any

  new corporation organized to take over, at foreclosure  or  other  sale,
  the property of any corporation whose stock has been thus surrendered or
  exchanged;  but  the  proportion  of the voting capital stock of the new
  corporation   held   by   a  stock  corporation,  company,  association,
  partnership or person and acquired  by  it  by  any  such  surrender  or
  exchange of stock shall not without the consent of the commission exceed
  the  proportion  of  the  voting  capital stock held by it in the former
  corporation.
    6. Every contract, assignment, transfer or agreement for  transfer  of
  any  stock  by  or through any person or corporation to any corporation,
  company,  association,  partnership  or  person  in  violation  of   any
  provision  of  this  chapter shall be void and of no effect, and no such
  transfer or assignment shall be made upon the  books  of  any  such  gas
  corporation,   or  electric  corporation,  or  shall  be  recognized  as
  effective for any purpose.
    7. No consent, permission or approval otherwise  required  under  this
  section shall be necessary for the sale of the franchise, works, system,
  stocks  or  bonds by a gas or electric corporation to a duly constituted
  authority of the state.