In all applications under the Public Utilities Article, Annotated Code of Maryland, for the approval of the assignment, transfer, or lease of a franchise, or of any right to or under a franchise, or of a corporation's works or system, or for the approval of a contract or agreement with reference to or affecting any of the same, the petition shall be made by all the parties to the proposed transaction, and shall show:
A. Unless waived by the Commission, the financial condition of each applicant;
B. In detail, the reasons upon the part of each applicant for making the proposed assignment, transfer, lease, contract, or agreement and all the facts warranting the same, and all facts which should be known to the Commission to enable it to pass upon the application; and
C. The petition shall be accompanied by copies of the articles of incorporation of each applicant, duly certified, of the franchise, of the proposed assignment, transfer, lease, contract, or agreement, and of the laws or a reference to the laws which authorize them. If any of the instruments are already on file in the office of the Commission, they need not be refiled.