H.B. No. 474
relating to the duty of a gas utility to report certain transactions
to the Railroad Commission of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 102.051(a), Utilities Code, is amended
to read as follows:
(a) Not later than the 60th day after the date the
transaction takes effect, [
Unless] a gas utility shall report
[ reports the transaction] to the railroad commission [ within a
reasonable time, the gas utility may not]:
(1) a sale, acquisition [ sell, acquire], or lease of a
plant as an operating unit or system in this state for a total
consideration of more than $1 million; or
(2) a merger or consolidation [ merge or consolidate]
with another gas utility operating in this state.
SECTION 2. This Act applies to a transaction that takes
effect on or after the effective date of this Act. A transaction
that takes effect before the effective date of this Act is governed
by the law in effect on that date, and that law is continued in
effect for that purpose.
SECTION 3. This Act takes effect September 1, 2005.
President of the Senate Speaker of the House
I certify that H.B. No. 474 was passed by the House on March
30, 2005, by a non-record vote.
Chief Clerk of the House
I certify that H.B. No. 474 was passed by the Senate on May
25, 2005, by the following vote: Yeas 31, Nays 0.
Secretary of the Senate