Section R. 460.301 - ScopeRule 1.
(1) The prior approval of the commission is required when any of the following occurs: (a) A person acquires or merges with a jurisdictional regulated utility.(b) A transaction involves the transfer of control of a jurisdictional regulated utility.(c) A jurisdictional regulated utility sells, assigns, transfers, or encumbers assets to another person, except if such sale, assignment, transfer, or encumbrance of assets occurs in the normal course of business.(2) The prior approval of the commission is not required for the issuance of securities or other financing transactions that are not directly or indirectly involved in an acquisition, merger, encumbrance, or transfer of control.Mich. Admin. Code R. 460.301