California Public Utilities Code Section 120522

Whenever the board acquires ownership of existing facilities from a privately or publicly owned corporation or public utility, either in proceedings in eminent domain or otherwise and maintains the corporation or utility, by whatever name, as a separate, legal corporate entity, the board of directors of the corporation or utility shall continue its responsibilities with regard to its employees` wages, hours, and other terms and conditions of employment, existing labor contracts, and existing pension plans.