§271G-14  Transfer of certificates of publicconvenience and necessity, and carrier property.  (a)  For the purpose ofthe administration and application of subsections (a) and (b), the term"carrier" includes any water carrier subject to this chapter, or anycarrier subject to the act of any other state or any act of the Congress of theUnited States under which interstate or foreign commerce by land, sea, or air,is regulated.

(b)  No water carrier shall sell, lease,assign, mortgage, or otherwise dispose of, or encumber the whole or any part ofits property necessary or useful in the performance of transportation servicesfor the public or any certificate of public convenience and necessity; norshall any water carrier, by any means, directly or indirectly, merge orconsolidate its property, certificates of public convenience and necessity, orany part thereof, with any other carrier, without first having secured from thepublic utilities commission an order authorizing it so to do, and every suchsale, lease, assignment, mortgage, disposition, encumbrance, merger, orconsolidation, made other than in accordance with an order of the commissionauthorizing the same is void.

(c)  No water carrier shall purchase oracquire, take or hold, any part of the capital stock of any other water carrierorganized or existing under or by virtue of the laws of the State, withouthaving been first authorized to do so by the commission.  Every assignment ortransfer of any stock by or through any person to any person, or otherwise, inviolation of any of the provisions of this section is void and of no effect,and no transfer shall be made on the books of any water carrier.  Nothingherein shall prevent the holding of stock heretofore lawfully acquired.

(d)  Whenever a transaction is proposed undersubsection (b) or (c) of this section, the water carrier or water carriers, orperson or persons, seeking approval thereof shall present an application to thecommission in such form as the commission may require and the commission maythereupon act upon the application with or without first holding a publichearing; provided that if requested, it shall afford reasonable opportunity forinterested parties to be heard.  If the commission finds that subject to suchterms and conditions as it shall find to be just and reasonable the proposedtransaction will be consistent with the public interest, the commission shallenter an order approving and authorizing the transaction, upon the terms andconditions, and with the modifications, so found to be just and reasonable.

(e)  Pending the determination of anapplication filed with the commission for approval of a consolidation or mergerof the properties of two or more water carriers, or of a purchase, lease,charter, or contract to operate the properties of one or more water carriers,the commission may, in its discretion and without hearings or otherproceedings, grant temporary approval, for a period not exceeding one hundredtwenty days or for such additional period as the determination of anapplication may require, of the operation of the water carrier propertiessought to be acquired by the persons proposing in the pending application toacquire the properties, if it shall appear that failure to grant this temporaryapproval may result in destruction of or injury to such water carrierproperties sought to be acquired, or to interfere substantially with theirfuture usefulness in the performance of adequate and continuous service to thepublic. [L 1974, c 94, pt of §1; am L 1980, c 202, §3]