N.Y. Comp. Codes R. & Regs. tit. 16 § 899.90

Current through Register Vol. 46, No. 51, December 18, 2024

Section 899.90 - Obligation of cable television company to notify commission

(a) A person who is a cable television company and ceases to be so shall promptly notify the commission of that fact and file, no later than 30 days after it ceases to be a cable television company, a final financial report in the form and manner prescribed by the commission.

(b) A person who is a cable television company and sells or otherwise divests itself of all, or a substantial part of a cable television system or another cable television company shall promptly notify the commission of that fact and file, no later than 30 days after the sale or divestiture is completed, a final financial report in the form and manner prescribed by the commission. For the purposes of this subdivision, the phrase sells or otherwise divests shall include not only the sale of property but also changes of ownership or control.

(c) Every cable television company shall notify the commission, and continue to keep the commission informed, whenever a significant change in the financial position of such company occurs or is about to occur. For purposes of this section, a significant change in the financial position shall include, but not be limited to:

(1) inability to meet current payments as they come due;

(2) contemplation of filing a petition in bankruptcy or for a court-ordered reorganization;

(3) suspension of corporate stock from trading on a regulated exchange by action of the stock exchange or the Securities and Exchange Commission; and

(4) notification that financial reports or practices are under investigation by any government agency, Federal or State, but this shall not include tax audits or similar audits or investigations which are conducted periodically and are not unusual in scope or nature.

N.Y. Comp. Codes R. & Regs. Tit. 16 § 899.90