Okla. Stat. tit. 17 § 158.50

Current through Laws 2024, c. 9.

Section 158.50 - Definitions

1. "Acquiring party" means a person and all affiliates thereof by whom or on whose behalf an acquisition of control referred to in Section 2 of this act is to be effected;

2. "Affiliate" means a person who directly, or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with the person specified including any corporation created at the direction of the person specified for purposes of corporate reorganization;

3. "Commission" means the Oklahoma Corporation Commission;

4. "Control" (including the terms "controlling", "controlled by", and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership, by contract, purchase of assets, or otherwise, unless such power is the result of an official position with, or corporate office held in, such person. Control shall be presumed to exist if any person, directly or indirectly, owns or controls the assets of such rural electric cooperative. This presumption may be rebutted by showing that control does not exist in fact. The Commission may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect;

5. "Domestic public utility" means a person doing business in the state, including any other person controlling such a domestic public utility, any substantial portion of the revenues of which, either directly or indirectly, are derived from the business of providing utility service in this state, except that such term does not include agencies, authorities or instrumentalities of the United States or a state or political subdivision of a state;

6. "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function;

7. "Rural electric cooperative" means a person doing business in the state, pursuant to Section 437.1 et seq. of Title 18 of the Oklahoma Statutes;

8. "Utility service" means the distribution, delivery or furnishing of electric current for sale to the public for light, heat or power;

9. "Assets" in the case of a rural electric cooperative means the physical plant, equipment, accounts receivable, accounts payable, capital credits and all other assets of such rural electric cooperative.

Okla. Stat. tit. 17, § 158.50

Added by Laws 1987, SB 349, c. 59, § 1, emerg. eff. 4/30/1987.