Maryland Public Utility Companies Section 5-203

      (a)      Subject to § 6-101 of this article, without prior authorization of the Commission, a public service company may not purchase, acquire, take, or hold any part of the capital stock of another public service company incorporated in Maryland.

      (b)      (1)      This subsection applies to corporations incorporated in Maryland.

            (2)      Without prior authorization of the Commission, a public service company may not:

                  (i)      assume or guarantee an obligation or liability with respect to stocks, bonds, securities, notes, or other evidence of indebtedness that is payable as a whole or in part to any person more than 12 months after the date of issuance; or

                  (ii)      issue stocks, bonds, securities, notes, or other evidence of indebtedness payable as a whole or in part more than 12 months after the date of issuance.

            (3)      Stocks, bonds, securities, notes, or other evidence of indebtedness described under paragraph (2)(ii) of this subsection shall be issued in accordance with §§ 6-102 and 6-103 of this article.