7.04.390 Transfer or Ownership or Stock

(a) No holder of a Commission-issued CPCN, domestic or foreign, shall hereafter purchase, acquire, take, or hold any part of the capital stock of any Communications Service Provider operating solely within the jurisdiction of the Saint Regis Mohawk Tribe unless authorized so to do by the Commission.

(b) No stock corporation company, domestic or foreign, including, but not limited to, a limited liability company; association, including a joint stock association; partnership, including a limited liability partnership, or person; or other than a Communications Service Provider, shall, without the consent of the Commission, purchase or acquire, take or hold more than ten percent (10%) of the voting capital stock issued by any Communications Service Provider operating within the jurisdiction of the Saint Regis Mohawk Tribe.

(1) When stock is transferred or held solely for the purpose of serving as collateral security.

(2) To any corporation lawfully holding a majority of the voting capital stock of any Communications Service Provider at the time it becomes authorized to provision service by this chapter. Such corporation may, without the consent of the Commission, acquire and hold the remainder of the voting capital stock of such Communications Service Provider, or any portion thereof.

(d) The Commission may approve the acquisition of any stock in accordance with this section only if the acquisition is shown to be in the public interest.

(e) Nothing herein contained shall be construed to prevent the holding of any stock heretofore lawfully acquired, nor 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 so long as the proportion of the voting capital stock of the new corporation held by a stock corporation, company, association, partnership, or person and acquired by it by any such surrender or exchange of stock shall not without the consent of the Commission exceed the proportion of the voting capital stock held by it in the former corporation.

(f) Every contract, assignment, transfer, or agreement for transfer of any stock by or through any person or corporation to any corporation, company, association, partnership, or person in violation of any provision of this chapter shall be void and of no effect unless and until it is deemed effective by the Commission.