N.Y. PBS Law § 100

§ 100. Transfer and ownership of stock. 1. No telegraph corporation or\ntelephone corporation, domestic or foreign, shall hereafter purchase or\nacquire, take or hold any part of the capital stock of any telegraph\ncorporation or telephone corporation organized or existing under the\nlaws of this state unless authorized so to do by the commission.\n 2. Save where stock shall be transferred or held for the purpose of\ncollateral security, no stock corporation, domestic or foreign, company,\nincluding, but not limited to, a limited liability company, association,\nincluding a joint stock association, partnership, including a limited\nliability partnership, or person, other than a telegraph corporation or\ntelephone corporation, shall, without the consent of the commission,\npurchase or acquire, take or hold more than ten per centum of the voting\ncapital stock issued by any telegraph corporation or telephone\ncorporation organized or existing under or by virtue of the laws of this\nstate. Any corporation now lawfully holding a majority of the voting\ncapital stock of any telegraph corporation or telephone corporation may,\nwithout the consent of the commission, acquire and hold the remainder of\nthe voting capital stock of such telegraph corporation or telephone\ncorporation, or any portion thereof.\n 3. No consent shall be given by the commission to the acquisition of\nany stock in accordance with this section unless it shall have been\nshown that such acquisition is in the public interest; provided,\nhowever, that any such consent shall be deemed to be granted by the\ncommission ninety days after such corporation applies to the commission\nfor its consent, unless the commission, or its designee, determines and\ninforms the applicant in writing within such ninety day period that the\npublic interest requires the commission's review and its written\nconsent. Nothing herein contained shall be construed to prevent the\nholding of any stock heretofore lawfully acquired, nor to prevent, upon\nthe surrender or exchange of such stock pursuant to a reorganization\nplan, the purchase, acquisition, taking or holding of a proportionate\namount of stock of any new corporation organized to take over, at\nforeclosure or other sale the property of any corporation whose stock\nhas been thus surrendered or exchanged; but the proportion of the voting\ncapital stock of the new corporation held by a stock corporation,\ncompany, association, partnership or person and acquired by it by any\nsuch surrender or exchange of stock shall not without the consent of the\ncommission exceed the proportion of the voting capital stock held by it\nin the former corporation.\n 4. Every contract, assignment, transfer or agreement for transfer of\nany stock by or through any person or corporation to any corporation,\ncompany, association, partnership or person, in violation of any\nprovision of this chapter shall be void and of no effect, and no such\ntransfer or assignment shall be made upon the books of any such\ntelegraph corporation or telephone corporation, or shall be recognized\nas effective for any purpose.\n