US Laws, Codes, Statutes & Cases

     237.23 Acquiring property of another company.  

    It shall be unlawful for any telephone company, 
 corporation, person, partnership, or association subject to the 
 provisions of this chapter to purchase or acquire the property, 
 capital stock, bonds, securities, or other obligations, or the 
 franchises, rights, privileges, and immunities of any telephone 
 company doing business within the state without first obtaining 
 the consent of the commission thereto; and telephone companies, 
 corporations, persons, partnerships, or associations are hereby 
 given the right with the consent of the commission to purchase 
 and acquire the property, capital stock, bonds, securities, or 
 other obligations together with all franchises, rights, 
 privileges, and immunities owned or enjoyed by said companies.  
 The owner and the proposed purchaser of said property shall both 
 join in the application filed with the commission for the 
 approval of such transfer, and in the case of a corporation 
 desiring to sell all of its property it shall require a vote of 
 a majority of its stockholders to ratify the same.  Telephone 
 companies may sell and dispose of any property not used by said 
 telephone companies in the conduct of their business at the time 
 of the sale without the consent of the commission.  

    Nothing herein shall be deemed to prevent the holding of 
 stock heretofore lawfully acquired or to prevent the acquisition 
 of additional stock by any telephone company owning a majority 
 of the stock of any telephone company.  

    HIST: (5306) 1915 c 152 s 20; 1919 c 183 s 4; 1945 c 143 s 1; 
 1971 c 25 s 67; 1980 c 614 s 123 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.