Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08

telegraph messages OF ~ tiahspoAtlhg pas
Section 1T53-2 The power to create
liens on corporate properly py pubhc serY,
ice corporations in this state IS a special
tion. restriction and control of which Shall
be vested in the state ana such power
shall be exercised according to the provi-
Section 1753-3 No public service cor
poration shall hereafter issue any stocks,
stock certificates bonds " any other EVIL
dences of indebtedness payaole IN more than
one year from date, until II snail have first
obtained authority for such issue from the
railroad commission as herein provided:
The proceedings for obtaining a certificate OF
such authority from salu COMMISSION ana
the conditions of it's being granted by said
commission shall be as IolloWs:
(a) In case the stocks, certificates of
stock, bonds or other eglaehces OF 1ndebt-
edness are to be issued Tor money only
the corporation shall file with the commits
sion a statement, signed and verified by
it's president and secretary, setting forth
% the, amount and character OF the pro-
posed stocks certificates of stock, bonds or
other evidences of Indebtedness, (2) the
purposes for which they are to be issued,
(3) the terms on when they are to be IS
sued, and az the total assets and liabili-
ties of the corporation in such detail as
the commission may require The commits
sion may also require the corporation to
furnish any further statement of fact or
evidence that 1t may Geem pertinent to
the inquiry. The commission shall there
upon issue to the corporation a certificate
stating the amount, CHARACTER, purposes
Gates of stock, bonds or otner evidences or
Indebtedness are proposed to be issued
(b) In case the stocks, certificates of
stock, bonds or other evidences of indebt-
edness are to be issued partly or wholly for
property or services or other consideration
than money the corporation shall file with
verified by it's president and secretary set
ting forth az the amount and character
of the stocks, certificates OF stock, bonds, or
other evidences of Indebtedness proposed to
be issued, (2) the purpose for which they
are to be issued, (3) the description and
estimated value Of the property or serv
ices for which 1t is to be issued, a. the
terms on which 1T is TO De issued or ex-
changed 90 the amount Of money, if any,
to be received for the same In addition to
such property, services or other consider
alton, and (6) the total assets and liabili-
ties of the corporation In such detail as
sion may also require the corporation to
furnish any further statements of fact or
evidence that 1t may deem pertinent to the
inquiry. The commission shall determine
according to it's best Judgment, the true
value Of the property, services or other
consideration for which 1t is proposed to Is
sue such stocks certificates of stock, bonds
or other evidences of Indebtedness. The
commission shall thereupon issue certih-
cate to the said corporation setting forth
the amount, character, purposes ana terms
corporation and further, particularly, the
true value of the property or services as
found by the commission for which, in
whole or in part, such issue Is proposed to
be made and q description in detail Of
such property and services. ANY issue of
stocks, certificates Of stock or bonds or
any other evidences OF Indebtedness not
payable within one year, which shall be
Issued by such corporation for and In re-
turn for property or services, actually re-
ceived by it and for which the same are
issued, which shall value such property or
services in excess OF that found by the
commission, shall be void
Section 1851 No public service cor
poration shall issue any stocks, certificates
of stock, bonds or other evidences OF In
debtedness for money, property or services,
either directly or indirectly, nor shall 1t
receive any money, property, or services In
payment Of the same, either directly or
Indirectly, until there shall have been re-
corded upon the books Of such corporation
the certificate of the railroad commission
herein provided for.
Section 1858. No public service cor
poration shall declare any stock, bond or
scrip dividend or divide the proceeds of
the sale of any stock, bond or scrip,
among its stockholders.
Section 1853. No public service cor
poration shall issue any stocks, certificates
of stock bonds or other evidences of In
debtedness secured on its property in this
state for the purpose Of any reorganiZa-
ton or consolidation In excess OF the total
amount of the stocks, certificates of stock,
bonds or other evidences of Indebtedness
then outstanding against the corporations,
so recognizing or consolidating and no
such corporation shall purchase the prop
erty of any other public service corpora
ton or any person furnishing service to
the public for the purpose OF eRecting
consolidation except that the property OF
such corporation or. person shall hrst be
valued as provided In subsection Of sec
ton 1888, and then only at the value
found by the commission.
Section 1851. No public service cor
poration shall apply the proceeds Of any
other evidences of Indebtedness to any other
purpose or issue the same on any less IA
vorable terms than that specified In the
certificate issued by the railroad commits
sion.
Section 1858. All stocks, certificates
of stock, bonds and other evidences of in
debtedness issued contrary to the provisions
of this act shall be void
Section 1853. In determining the value
of the property Of a public service corpo-
ration or any person furnishing service to
the public for the purposes of this act, no
franchise or privilege granted to such cor
poration by a municipality shall be ap-
praised, fixed or considered at any greater
sum or value than the sum paid therefor
into the public treasury of the munich
patty granting the same.
Section 1753-1O. The railroad commits
sion shall have tue power and 1t shall be
their duty to do and perform any and all
acts necessary to carry out the provisions
of this act.
ice corporation If dissatisfied with any val
uation made by the commission, or any Or
der or certificate made or issued by 1t, may
commence an action IN the circuit court
defendant. to vacate anu set aside such
valuation, order or certificate on the ground
that the same Ia unreasonable or unlawful,
In which action the complaint shall be
VI summons. Sections
I797-16 and 1797-17 shall apply to all
the rights of the parties to the proceed
ings in such action.
Section 1753-12 ANY corporation,
defined, or any agent, director, or officer
thereof who shall, directly or indirectly,
issue or cause to be Issued any stocks
certificates of stock, bonds or other evil
dences of indebtedness contrary to the pro-
visions of this act or who shall apply the
proceeds from the sale thereof to any pur-
poses other than that specIned IN the certln-
cate Of tho railroad commission, as herein
provided In case of public service corpo-
ration, shall forfeit and pay into the state
treasury not less than five hundred dollars
nor more than ten thousand dollars for each
ofenGe.
Section 1888. Each and every d.
rector, president, secretary or other official
of any such public service corporation who
the issue of any bond or other evidence
of Indebtedness, or who shall by false state
ment knowingly made, procure of the rail
road commission the making Of the certia-
cate herein provided, or issue with knowl-
edge of such fraud, negotiate or cause to
be negotiated any such bond or other issue
in violation Of these statutes shall be guilty
of a felony and upon conviction Thereon
shall be punished by fine OF not less than
ave hundred dollars, or by imprisonment
in the state prison for a term Of not less
than one or more than ten years, or BY
both such fine and imprisonment in the
discretion of the court.
Section 4. All stocks, certificates of
stock, bonds or other evidences Of indebt-
edness issued or delivered by any public
$3.50 ..z,o.a az anthoritY of any ARTICLES of