| (a) Except for a local exchange company exempted in
subsection (e) of this section a dominant carrier shall not sell,
acquire, lease or rent any plant as an operating unit or system in
the State of Texas for a total consideration in excess of $10 million
unless the public utility reports such transaction to the commission
while pending or within 30 days after closing.
(b) Except for a local exchange company exempted in
subsection (e) of this section a dominant carrier shall not merge
or consolidate with another public utility or electric utility operating
in the State of Texas unless the public utility reports such transaction
to the commission while pending or within 30 days after closing.
(c) Dominant carriers shall not purchase voting stock
in another public utility or electric utility doing business in the
State of Texas, unless the utility reports such purchase to the commission
while pending or within 30 days after closing.
(d) Dominant carriers shall not loan money, stocks,
bonds, notes or other evidences of indebtedness to any corporation
or person owning or holding directly or indirectly any stock of the
public utility unless the public utility reports such transaction
to the commission while pending or within 30 days after closing.
(e) Incumbent local exchange companies electing under
the Public Utility Regulatory Act, Chapter 58, are exempt from the
requirements of subsections (a) and (b) of this section.
(f) For dominant carriers, investigations by the commission,
with or without public hearing, of the transactions described in subsection
(a) and (b) of this section must be completed within 180 days after
the date of notification by the dominant carrier. If an order is not
entered within that time, the utility's action is considered consistent
with the public interest.
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