The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-03-31
SUBSTITUTE FOR HOUSE BILL
NO. Sill

March 81, 1903.
SUBSTITUTE FOR HOUSE BILL
NO. Sill.
AN ACT relating to the control and regu-
iatlon Of the issuance of stocks bonds
and all other forms of Indebtedness by
carriers.
BE IT enacted by the Legislature of the
section l. That the power to create
mems on corporate property situated with
IN the state of Kansas by companies
transactfng the business of common car
rlers as defined in the laws of this state
III thus state Is a special privilege. the
I tisI OF supervision, regulation. restric-
lion and control of which shall be vested
IN me state and such power shall be ex-
ercised according to the provisions of
act shall Apply a9 to fs OF th
ized under the laws of other states of the
union and of foreign countries, as well
as TO domestic corporations transacting
business IN this state as common carriers.
sec. NO corporation transacting the
E business OF a common carrier in this state
certificates, bonds or any other evidences
OF Indebtedness which shall or may be-
said corporation situated within this state
date. until it shall have first obtained
OF Railroad Commissioners as herein pro-
v1ded. The proceedings for obtaining such
c c from said Board of Railroad
commissioners and the conditions of it's
follows: ~ S' i'oaiu siiaii oe as
stock. bonds or other evidences of in
debtedness are to be issued for money
only the corporation shall file with the
ment. signed and verified by its presi-
dent or other chief officer of said COM
pany having knowledge of the facts sett-
ing forth % the amount and character
of the proposed stocks, certificates of
stock, bonds or other evidence of indebt-
they are to be issued, go the terms on
which they are to be issued, and "a the
ton. The Board of Railroad Commits
sioners may also require the corpora ton
to furnish such further statements of fact
as may be reasonable and pertinent to
the inquiry. The Board of Railroad
commissioners must thereupon issue to
the corporation a certificate stating the
on which such stocks. certificates of
stock bonds. or other evidences of in
set out in the application for such GER
tificate.
.(bl 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 con-
commissioners a statement signed and
verified by its president or other chief
setting forth ID the amount and charac-
ter of the stocks, certificates of stock,
bonds, or other evidences of indebted
eral purposes for which they are to be
issued, 30 a general description and an
vices for WHICH if is the to b pgG iesued % the
terms on which it is to be issued or ex-
changed, 90 the amount of money, IL
dition to such property, services or other
consideration, and 60 the total assets and
of RAILROAD Commissioners may also '+ re- =
further statements Of fact as may be
The Board of Railroad Commissioners
must thereupon issue a certificate to the
said corporation setting forth the amount,
such proposed issue on the part of the
corporation and further, the value of the
or In part, such issue. is proposed to be
made and a general description of such
property and services as set out in said
application. Any issue of stocks, certi-
ficates 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 return for
property or services, actually received by
it and for which the. same are issued.
vices substantially in excess of that set
out and stated in the verified application
herein required shall be void.
Sec. g. No corporation engaged in the
business of a common carrier shall issue
any stocks, certificates of stock, bonds or
or
~ or indirectly, nor shall it receive any
money, property. or services in payment
until there shall have been recorded upon
the books of such corporation the certi-
fieate of the Board Of Railroad Com
Sec. t. No corporation engaged in the
business of a common carrier shall de-
clare any stock, bond or scrip dividend
stock, bond or scrip, among its stock
holders.
business of a common carrier shall ap-
ply the proceeds of any such stocks,
certificates of stock bonds or other evil
denceS of indebtedness to any other pur-
pose or issue the same on any less fav-
orable terms than that specified in the
certificate issued by the Board of Rail-
road Commissioners unless by permission
Sec g. Ali stocks certificates of stock,
bonds and other evidences of indebted
ness issued contrary to the provisions of
this act shall be void.
Sec. T. This act shall take effect and
be in force from and after it's publication
in the official state paper.
hereby certify that the above bill orig
mated In the House, and passed that body
Senate amendments Concurred in March
Sth, 1909.
c. H. BRILHART.
Asst. Chief Clerk of the House
'-'~ ~ W. j. FTTzGERALD.
President of the Senate.
Y. e. WYANT,
Secretary Of the Senate.
Approved March II, 1909.
W. r. STUBBS,
Governor.
STATE OF KANSAS
Office of the Secretary of State.
I. c. E. DENTON, Secretary of State, OF
the State of Kansas. do hereby certify thai
the above and foregoing is correct copy
of the original enrolled bill now on file in
my office.
IN TESTIMONY WHEREOF. I have
hereunto subscribed my name and affixed
my official seal, this 18th day of March
1909
ISeaI1 c. E. DENTON,
Secretary of State.
Published in The Topeka State journal
March 81, 1909
Office of the City Clerk, Topeka, Kan.
March 81, 1909