N.Y. Public Service Law § 100: Transfer and ownership of stock

§ 100. Transfer and ownership of stock. 1. No telegraph corporation or

telephone corporation, domestic or foreign, shall hereafter purchase or

acquire, take or hold any part of the capital stock of any telegraph

corporation or telephone corporation organized or existing under the

laws of this state unless authorized so to do by the commission.

2. Save where stock shall be transferred or held for the purpose of

collateral security, no stock corporation, 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 telegraph corporation or

telephone corporation, shall, without the consent of the commission,

purchase or acquire, take or hold more than ten per centum of the voting

capital stock issued by any telegraph corporation or telephone

corporation organized or existing under or by virtue of the laws of this

state. Any corporation now lawfully holding a majority of the voting

capital stock of any telegraph corporation or telephone corporation may,

without the consent of the commission, acquire and hold the remainder of

the voting capital stock of such telegraph corporation or telephone

corporation, or any portion thereof.

3. 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; provided,

however, that any such consent shall be deemed to be granted by the

commission ninety days after such corporation applies to the commission

for its consent, unless the commission, or its designee, determines and

informs the applicant in writing within such ninety day period that the

public interest requires the commission's review and its written

consent. 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.

4. 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

telegraph corporation or telephone corporation, or shall be recognized

as effective for any purpose.