278.2 18 Approval of commission for change in ownership or control of assets owned by utility. (1) No person shall acquire or transfer ownership of or control, or the right to control, any assets that are owned by a utility as defined under KRS 278.010(3)(a) w ithout prior approval of the commission, if the assets have an original book value of one million dollars ($1,000,000) or more and: (a) The assets are to be transferred by the utility for reasons other than obsolescence; or (b) The assets will continue to be used to provide the same or similar service to the utility or its customers. (2) The commission shall grant its approval if the transaction is for a proper purpose and is consistent with the public interest. Effective: April 24, 2002 History: Created 20 02 Ky. Acts ch. 365, sec. 14, effective April 24, 2002.
Kentucky Legal Code