§ 37-1-104 — Reorganization of public utility; definition; approval

(a) No reorganization of a public utility shall take place
without prior approval by the public service commission. The
commission shall not approve any proposed reorganization if the
commission finds, after public notice and opportunity for public
hearing, that the reorganization will adversely affect the
utility's ability to serve the public.
(b) For purposes of this section, "reorganization" means
any transaction which, regardless of the means by which it is
accomplished, results in a change in the majority ownership
interest or control of a public utility, or the majority
ownership interest or control of any entity which owns a
majority interest in or controls a public utility.
"Reorganization" as used in this section shall not include a
mortgage or pledge transaction entered into to secure a bona
fide borrowing by the party granting the mortgage or making the
pledge.