Sec. 12. (a) An operating agent must apply for and receive the commission's approval before: (1) an operating agent's contract is: (A) transferred; (B) sold; or (C) purchased; or (2) a voting trust agreement or other similar agreement is established with respect to the operating agent. (b) The commission shall adopt rules governing the procedure an operating agent or other person must follow to take an action under subsection (a). The rules must specify that a person who obtains an ownership interest in an operating agent contract must meet the criteria of this article and any rules adopted by the commission. An operating agent may transfer an interest in an operating agent contract only in accordance with this article and rules adopted by the commission. (c) An operating agent or any other person may not: (1) lease; (2) hypothecate; or (3) borrow or loan money against; an operating agent contract.
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