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Telephone Company - Procedure for Transfer of Assets Petition



TRANSFER OF ASSETS, MERGERS AND STOCK TRANSITIONS PROCEDURE FOR APPLICANTS

Pursuant to New York State Public Service Law (PSL), telephone corporations cannot transfer or lease their assets to another person or corporation without the written consent of the Commission. Applications will be evaluated on an individual case basis; however, the summary below lists basic requirements. 

Transfers are governed by the PSLs listed below:

PSL can be found at the following site under “PBS” (Public Service):

http://public.leginfo.state.ny.us/menugetf.cgi?COMMONQUERY=LAWS

16 NYCRR, Parts 31 and 39 of the Commission's rules and regulations contain various detailed requirements for PSL Section 99(2) and 100 petitions, respectively.

A company requesting a transfer should file a petition (original and 4 copies) with the Secretary of the Commission:

The petition should include:
Link to Sample Outline: SAMPLE TRANSFER PETITION.doc (31 KB MS Word)

Timeframe: The timeframe is determined by statute:

PSL §§ 99 (2) and 100 – the transfer becomes effective within 90 days from the date the Commission receives notification. If, within that time, the Commission determines more time is required for review, the company will be notified in writing.

Approval of the transfer requires the filing of an Adoption Supplement, (sample form: Adoption Suplmnt.doc. (25KB MS Word)) Within one year of approval a complete, original tariff must be filed.


SAMPLE OUTLINE FOR ASSET TRANSFER PETITION

PETITION FOR AUTHORIZATION FOR TRANSFER OF CONTROL
Pursuant to Section(s) (state authority requested) approval is hereby requested for a transfer of (name of company being transferred) from its current company to (company name) Explain changes in operations and authority held by the company.
Fully explain the details of the how and why the transfer is proposed. This should include details of the technical, financial and managerial ability of the new company to provide reliable services. Include Exhibit references showing the diagram of the current and proposed corporate structure of the Applicants.
For each company state:
(name company) is a (publicly traded/private) (state of incorporation) corporation with executive headquarters at (address) . It is a (kind of provider i.e .long distance, wireless video) in (where is provides service) and (number and kinds of lines). Also include the New York State Case Number and authorization date for each CPCN held by the parties.
Correspondence regarding this application should be directed to:
Applicant respectfully submits that the transaction or transfer of control described herein will serve the public interest. The proposed transaction will…. Detail specifically how the proposal is in the public interest. If applicable, provide reference to customer notification. Include draft of notice in Exhibit section. 
(Company names) respectfully requests that this Commission grant it authority to transfer control of (company name) from its current company (Company name) to (company name)
Each company must include a signed and notarized verification stating that the information submitted is correct. Sample at: Verification.doc (22 KB MS Word)
Attach organization charts, updated TCCI form and any other supporting documentation.


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Telephone Company - Procedure for Transfer of Assets Petition updated: 03/18/2014 02:20:40 PM

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