Conn. Agencies Regs. § 16-43-2 - Requirement of approval

(a) No public service company shall, directly or indirectly, sell, lease, assign, or otherwise dispose of or cease to own any interest in land, buildings, real estate fixtures or any other interest in real estate unless it shall first have applied for and received the approval of the commission in the manner provided by the Rules of Practice of the commission.

(b) For the purpose of determining whether or not the proposed transaction is subject to its approval, as aforesaid, the commission shall consider and make a finding of fact as to whether or not the subject real property is an essential part of the franchise of the public service company or is necessary or useful in the performance of the duty of the public service company to the public. For the purposes of this section, plant under construction shall be presumed to be necessary in the performance of the public service company's duty to the public and applications must be presented to the commission regarding disposition of said plant or its output either directly or indirectly.

(c) The commission shall consider and make a finding of fact as to whether such interest in real property consists of a parcel of unimproved real property containing three (3) acres or more or is in any way subject to acquisition by any municipality or the state for any purpose authorized by law.

(d) In deciding whether or not to grant such approval the commission shall make a finding as to whether or not such interest in land, buildings, real estate fixtures or other interest in real estate is to be sold, leased, assigned or otherwise disposed of for a consideration that is equal in amount to the fair market value thereof. In the event the commission finds that consideration equals an amount less than such fair market value, then the commission shall further consider whether the acceptance of that consideration by the public service company adversely affects the interests of the stockholders and owners or of the customers of the public service company.

Notes

Conn. Agencies Regs. § 16-43-2

Effective March 24, 1982; Transferred from § 16-43-1, January 6, 2003