{"data":{"id":"us-ok/okla.-stat.-tit.-17-17-158.53","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 17, § 17-158.53","heading":"Approval of acquisition of control - Public hearing","body":"A. The Corporation Commission shall approve any acquisition of\n\ncontrol referred to in Section 2 of this act unless, after a public\n\nhearing thereon, it finds that one or more of the following\n\nconditions will exist if such acquisition of contol is consummated,\n\nin which event it shall disapprove such acquisition of control and\n\nthe same shall not be consummated:\n\n1. The acquisition of control would adversely affect the\n\ncontractual obligations of the rural electric cooperative or its\n\nability or commitment to render the same level of service to its\n\ncustomers that the rural electric cooperative is currently\n\nrendering;\n\n2. The effect of the acquisition of control would be\n\nsubstantially to lessen competition in the furnishing of public\n\nutility service in this state;\n\n3. The financial condition of any acquiring party is such as\n\nmight jeopardize the financial stability of the rural electric\n\ncooperative or otherwise prejudice the interest of the rural\n\nelectric cooperative's customers;\n\n4. The plans or proposals which an acquiring party has to\n\nliquidate the rural electric cooperative, sell its assets, or a\n\nsubstantial part thereof, or consolidate or merge it with any\n\nperson, or to make any other material change in its investment\n\npolicy, business or corporate structure or management, would be\n\ndetrimental to the customers of the rural electric cooperative and\n\nnot in the public interest; or\n\n5. The competence, experience and integrity of the persons who\n\nwould control the operation of the rural electric cooperative are\n\nsuch that it would not be in the interest of its customers and the\n\npublic to permit the acquisition of control.\n\nB. The public hearing referred to in subsection A of this\n\nsection shall be commenced within thirty (30) days after the\n\nstatement required by Section 2 of this act is filed. The place,\n\ndate and time for such public hearing shall be set by the Commission\n\nand notice thereof shall be given by the Commission to the person\n\nfiling the statement and to the rural electric cooperative at least\n\ntwenty (20) days prior to the date of the public hearing. Notice of\n\nthe public hearing shall be given by the person filing the statement\n\nto such other persons and in such manner as may be directed by the\n\nCommission at least fifteen (15) days prior to such public hearing.\n\nThe rural electric cooperative shall give notice to its customers as\n\nprovided in Section 5 of this act. The public hearing referred to\n\nin subsection A of this section shall be concluded within thirty\n\n(30) days after the commencement of such hearing. The Commission\n\nshall make a determination on the factors specified in subsection A\n\nof this section within thirty (30) days after the conclusion of such\n\nhearing, and any acquisition of control within the purview of this\n\nsection shall be deemed approved unless the Commission has, within\n\nthirty (30) days after the conclusion of such hearing, entered its\n\norder disapproving the acquisition of control.","path":["OK Code","Title 17"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os17.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f658c4fb024a16a66da4d84d3d07cb1787fbd87f3cb57eaf49bb4ee7b682c397","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-17-17-158.52","next":"us-ok/okla.-stat.-tit.-17-17-158.54"},"notice":"GroundRules: Original legal text. Not legal advice."}