Bill 3297

                    Current Status

Bill Number:               3297
Ratification Number:       497
Act Number                 449
Introducing Body:          House
Subject:                   Out-of-State property

(A449, R497, H3297)

AN ACT TO AMEND SECTION 58-27-1300, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DISPOSITION OF PROPERTY, POWERS, FRANCHISES, OR PRIVILEGES OF ELECTRIC UTILITIES WITH THE APPROVAL OF THE PUBLIC SERVICE COMMISSION, SO AS TO PROVIDE THAT ANY ELECTRICAL UTILITY WHICH HAS PROPERTY OUTSIDE THIS STATE, THE INITIAL PURCHASE VALUE OF WHICH IS ONE MILLION DOLLARS OR LESS, MAY SELL, ASSIGN, TRANSFER, LEASE, CONSOLIDATE, OR MERGE THIS OUT-OF-STATE PROPERTY WITHOUT PRIOR APPROVAL OF THE PUBLIC SERVICE COMMISSION.

Be it enacted by the General Assembly of the State of South Carolina:

Certain out-of-state property may be sold

SECTION 1. Section 58-27-1300 of the 1976 Code is amended to read:

"Section 58-27-1300. No electrical utility, without the approval of the Commission after due hearing and compliance with all other existing requirements of the laws of the State in relation thereto, may sell, assign, transfer, lease, consolidate, or merge its property, powers, franchises, or privileges, or any of them, except that any electrical utility which has property outside this State, the initial purchase value of which is one million dollars or less, may sell, assign, transfer, lease, consolidate, or merge this out-of-state property without prior approval of the Commission."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.