Sec. 20.07.04.05. Applications for Authority to Acquire Shares of Stock

In all applications made to the Commission by corporations for authority to purchase or acquire, take or hold, any part of the capital stock of any other corporation or corporations, the petition shall show:

A. In detail, the reasons why the applicant desires to make the proposed acquisition and all the facts warranting it, including the amount of stock in the same corporation or in any allied corporation already held by the applicant.

B. The market value of the stock proposed to be acquired, with:

(1) The highest and lowest price of the stock during a period of at least 1 year before the making of the petition;

(2) The dividends, if any, paid for a period of 5 years before making the petition;

(3) The price proposed to be paid or the loan proposed to be made;

(4) The name of the present owner;

(5) The terms of payment, or, in case of loan, of repayment.

C. In case of an application for authorization to purchase stock of a certain description as opportunity may offer, the reasons for the purchase in full detail, with a statement of high and low market values and dividends paid each year for at least 5 years before making the petition, and the maximum price which the petitioner should be allowed to pay.

D. There shall be submitted a certified copy of the articles of incorporation of each corporation, unless one is already on file in the office of the Commission, and a statement showing the amount of stock authorized and issued by each corporation, and also, unless waived by the Commission, the financial condition of each of the corporations.