Effective - 28 Aug 1987
392.300. Transfer of property and ownership of stock without consent of commission prohibited — impact of transfer on local tax revenues, information on to be furnished, to whom, procedure. — 1. No telecommunications company shall hereafter sell, assign, lease, transfer, mortgage or otherwise dispose of or encumber the whole or any part of its franchise, facilities or system, necessary or useful in the performance of its duties to the public, nor by any means, direct or indirect, merge or consolidate such line or system, or franchises, or any part thereof, with any other corporation, person or public utility, without having first secured from the commission an order authorizing it so to do. Every such sale, assignment, lease, transfer, mortgage, disposition, encumbrance, merger or consolidation made other than in accordance with the order of the commission authorizing the same shall be void. The permission and approval of the commission to the exercise of a franchise or permit under this chapter, or the sale, assignment, lease, transfer, mortgage or other disposition or encumbrance of a franchise or permit under this section shall not be construed to revive or validate any lapsed or invalid franchise or permit, or to enlarge or add to the powers or privileges contained in the grant of any franchise or permit, or to waive any forfeiture. Any person seeking any order under this subsection authorizing the sale, assignment, lease, transfer, merger, consolidation, or other disposition, direct or indirect, of any telecommunications company shall, at the time of application for any such order, file with the commission a statement, in such form, manner and detail as the commission shall require, as to what, if any, impact such sale, assignment, lease, transfer, merger, consolidation, or other disposition will have on the tax revenues of the political subdivisions in which any structures, facilities or equipment of the companies involved in such disposition are located. The commission shall send a copy of all information obtained by it as to what, if any, impact such sale, assignment, lease, transfer, merger, consolidation, or other disposition will have on the tax revenues of various political subdivisions to the county clerk of each county in which any portion of a political subdivision which will be affected by such disposition is located. Nothing in this subsection contained shall be construed to prevent the sale, lease or other disposition by any telecommunications company of a class designated in this subsection of property which is not necessary or useful in the performance of its duties to the public, and any sale of its property by such company shall be conclusively presumed to have been of property which is not useful or necessary in the performance of its duties to the public, as to any purchaser of such property in good faith for value.
2. Except where stock shall be transferred or held for the purpose of collateral security, no stock corporation, domestic or foreign, other than a telecommunications company, shall, without the consent of the commission, purchase or acquire, take or hold more than ten percent of the total capital stock issued by any telecommunications company organized or existing under or by virtue of the laws of this state, except that a corporation now lawfully holding a majority of the capital stock of any telecommunications company may, without the consent of the commission, acquire and hold the remainder of the capital stock of such telecommunications company, or any portion thereof. Nothing herein contained shall be construed to prevent the holding of stock heretofore lawfully acquired, or to prevent, upon the surrender or exchange of such stock pursuant to a reorganization plan, the purchase, acquisition, taking or holding of a proportionate amount of stock of any new corporation organized to take over, at foreclosure or other sale, the property of any corporation whose stock has been thus surrendered or exchanged. Every contract, assignment, transfer or agreement for transfer of any stock by or through any person or corporation to any corporation in violation of any provision of this chapter shall be void and of no effect, and no such transfer or assignment shall be made upon the books of any such telecommunications company, or shall be recognized as effective for any purpose.
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(RSMo 1939 § 5675, A.L. 1984 H.B. 1477, A.L. 1987 H.B. 360)
Prior revisions: 1929 § 5219; 1919 § 10507
Structure Missouri Revised Statutes
Title XXV - Incorporation and Regulation of Certain Utilities and Carriers
Chapter 392 - Telephone and Telegraph Companies
Section 392.010 - Telephone and telegraph corporations, by whom and how formed.
Section 392.020 - Articles, where filed — powers when incorporated.
Section 392.030 - Powers of corporation.
Section 392.040 - Election of directors — appointment of officers.
Section 392.050 - Directors, procedure for election of.
Section 392.060 - Meeting of board.
Section 392.070 - Consolidation of companies.
Section 392.090 - Mode of construction may be directed, by whom.
Section 392.100 - May enter upon lands, when.
Section 392.110 - No contract for exclusive use of land.
Section 392.120 - Power to own and maintain lines.
Section 392.140 - Duties in forwarding dispatches over other lines.
Section 392.160 - Penalty for transmitting false communications.
Section 392.175 - Operator services, live operator to be provided, when.
Section 392.180 - What definitions to apply.
Section 392.185 - Purpose of chapter.
Section 392.190 - Application of sections 392.190 to 392.530.
Section 392.205 - Public schools to have reduced rates.
Section 392.210 - Reports and records of telecommunication companies.
Section 392.240 - Rates — rentals — service and physical connections.
Section 392.246 - Petition for rate relief — relief to be granted, when.
Section 392.250 - Power of commission to order repairs or changes.
Section 392.310 - Approval of issues of stocks, bonds and other forms of indebtedness.
Section 392.320 - Certificate of commission to be recorded — stock dividends, permitted when.
Section 392.340 - Reorganization.
Section 392.350 - Liability for loss or damage.
Section 392.360 - Forfeiture — penalties.
Section 392.370 - Transitionally competitive telecommunications services, classified when.
Section 392.430 - Certificates to be approved, when.
Section 392.440 - Service authority, certificate of, approved when.
Section 392.451 - State adopts federal exemption for certain rural telephone companies.
Section 392.455 - Commission to establish certification process.
Section 392.461 - Exemption from certain rules, telecommunications companies.
Section 392.475 - Prohibition of resale, when.
Section 392.480 - Services to be offered under tariff.
Section 392.500 - Changes in rates, competitive telecommunication services, procedure.
Section 392.510 - Tariffs, bands and ranges allowed, when, requirements.
Section 392.520 - Private shared tenant services, coin operated telephone services, regulation of.
Section 392.530 - Construction of provisions of the chapter.