Prohibits the ownership of electric corporations by any foreign based person, corporation or entity.
STATE OF NEW YORK ________________________________________________________________________ 2572 2013-2014 Regular Sessions IN SENATE January 22, 2013 ___________Introduced by Sen. BALL -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations AN ACT to amend the public service law, in relation to prohibiting the ownership of an electric corporation by any foreign based person, corporation or entity THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of section 68 of the public service law is designated subdivision 1 and a new subdivision 2 is added to read as follows: 2. (A) THE COMMISSION SHALL NOT GRANT ITS PERMISSION OR APPROVAL, FOR THE GENERATION AND DISTRIBUTION OF ELECTRICITY TO RESIDENTIAL CUSTOMERS, TO ANY ELECTRIC CORPORATION THAT IS A FOREIGN BASED PERSON, CORPORATION OR ENTITY, OR THE MAJORITY OF WHICH IS OWNED BY FOREIGN BASED PERSONS, CORPORATIONS AND/OR ENTITIES. IN THE EVENT THAT AN ELECTRIC CORPORATION, HOLDING A FRANCHISE ISSUED PURSUANT TO THIS ARTICLE, BECOMES A FOREIGN BASED PERSON, CORPORATION OR ENTITY, OR BECOMES MAJORITY OWNED BY FOREIGN BASED PERSONS, CORPORATIONS AND/OR ENTITIES, SUCH FRANCHISE SHALL IMMEDIATELY BE REVOKED BY THE COMMISSIONER. (B) FOR THE PURPOSES OF THIS SUBDIVISION, "FOREIGN BASED PERSON, CORPORATION OR ENTITY" SHALL MEAN: (1) ANY NATURAL PERSON WHO IS NOT A CITIZEN OF THE UNITED STATES; OR (2) ANY CORPORATION OR ENTITY THAT: (I) IS NOT HEADQUARTERED IN THE UNITED STATES, (II) IS NOT CHARTERED BY THE UNITED STATES OR BY ANY STATE IN THE UNITED STATES, OR (III) HAS MORE THAN FIFTY PERCENT OF ITS OWNERSHIP INTERESTS OWNED OR HELD BY: (A) A PERSON OR PERSONS WHO ARE NOT CITIZENS OF THE UNITED STATES, OR (B) CORPORATIONS AND/OR ENTITIES THAT ARE:EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07280-01-3 S. 2572 2
(I) NOT HEADQUARTERED IN THE UNITED STATES, OR (II) NOT CHARTERED BY THE UNITED STATES OR ANY STATE IN THE UNITED STATES. S 2. This act shall take effect on the ninetieth day after it shall have become a law.