The Bridgeport evening farmer., 1910-06-04


 commission, the use of the capital to l be secured by the issue of such stocks bonds, notes, or other evidence of in- debtednesS is reasonably required for the said purposes of the corporation. | HEARINGS AND INVESTIGATION. 37. Before authorizing the issue of any stocks, bonds, notes. or other evil dence of indebtedness payable at per icds of more than twelve months after the date thereof, the commission shall | make such inquiry or investigation, hold such hearings, and examine such witnesses. books, papers, documents,
 or contracts as it may deem neces- sary or convenient to enable it to reach
 a satisfactory and equitable determin- ation.
 ACT NOT APPLICABLE TO SHORT TERM NOTES.
 33. Any public service company may issue notes for proper corporate pur-
 poses. payable at periods of not more than twelve months from the date ] thereof, without authorization from the commission. But no such notes shall. in whole or in part, directly or indirectly. be refunded by any issue of stock. bonds. notes. or other evidence of indebtedness payable at periods of
 more than twelve months after date thereof without authorization from the commission.
 LIMITATIONS ON POWERS OF COMMISSION.
 39. The commission shall have no power to authorize the issue of stocks bonds, notes, or other evidence of in- debtedness payable at periods of more | than twelve months after the date l thereof in consideration of any fran ohise or of the right to own. operate, or enjoy any franchise whatsoever; | but the commission may authorize such issue for services found by the commission to be of equivalent value, and for the amount Exclusive of any annual tax or other periodic charge) actually paid to the State as the con- sideration for the grant of such fran chise or right.
 1 CONSOLIDATION AND MERGER. 40. The combined capital stock and bond issue of a corporation formed by l the merger or consolidation of two or l more corporations shall not exceed the | sum of the combined capital stock and ! bond issues of the corporation so con solidated at the par value thereof, or such sum plus any additional sums actually paid in cash. Nor shall any corporation issue stocks, bonds. notes, l or other evidence of indebtedness pay ] able at periods of more than twelve | months after the date thereof in con- sideration for any contract for consoli- I datior. merger. or lease.
 PENALTY.
 | Al. Any stocks, bonds, notes, or other evidence Of indebtedness of pub l lie service corporations payable at per l iods of more than twelve months after 1 the date thereof, and hereafter issued l without the authorization of the com mission or in violation of this act, shall be void in all respects except that the l issuing corporation shall be liable to the owner thereof for the amount paid | thereon in good faith to the corpora- l tion. Any director officer, agent. or l employe of any public service corpor- ation, or any other person. who know | ingly signs. certif1es. or issues, or l causes to be signed. certified or is- l sued, or votes to authorize the sigma | ture, certi1cation, or issue of any such l stocks, bonds. notes. or other evidence of indebtedness without such authori- zation of the commission. or contrary | to the provision of this act. and any | broker selling or offering for sale such
 void capital stock. bonds. or other evil i dence of Indebtedness, shall be fined 1 not more than five thousand dollars, or imprisoned not more than five years. or both. and shall be liable for all l damages occasioned to any person by I reason of such offense
 Part VII. Returns; Audits; Reports.
 RETURNS REoUIRED FROM PUB LIC SERVICE COMPANIES. I 42 The commission shall annually, | on or before the thirtieth day of June, l furnish to every public service com 1 pany duplicate blanks for reports. in l such form as the commission may pre- l scribe; provided, however. that such l blanks for reports to be furnished by companies engaged in interstate com
 nerce shall be in the forms. if any,
 required by the Interstate Commerce 1 Commission All reports shall be for
 the year ending on the thirtieth day of June. All companies receiving such
 blank forms shall return one of them
 to the commission on or before the fif- l teenth day of September in each year, with all questions fully answered. Such reports shall be signed and sworn
 to by the president or vice president majority of the trustees or receivers making the same. Every company which shall refuse or neglect to make | such report shall forfeit to the State
 twenty-five dollars for each day of
 such neglect or refusal. and the com
 mission shall report such forfeitures to the State Treasurer who shall collect
 the same.
 CONTENTS AND CORRECTION OF
 RETURNS
 l 43. Every public service company l shall make its annual reports strictly l if it shall find it impracticable to an-
 swer all the items in detail as re- l Quired, it shall state in it's report the l reasons why such details cannot be | g1ven;N put no company shall be ex- | cused for not giving such details be- | cause 1t does not keep it's accounts in 1 such manner as will enable it to do so. l When any such report seems to the | commission defective. or erroneous, 1t tmay notify the company making the I same. and require the amendment of l such report within fifteen days from the time of giving such notice under l the same penalty as provided for re- 1 fusing or neglecting to make such re- port; and the commission may exam | inc the officers. agents, and employees, 1 books, records, accounts, vouchers, plant. and equipment of such company | and may correct such items in such l report as, upon such examination, the l commission may find ought to be cor l rected
 AUDITS AND EXAMINATIONS BY COMMISSION.
 l A. The commission may. at any 1 time, on it's own initiative and shall upon the direction of the Governor,
 examine the financial condition, audit l the books, or examine the physical plant and equipment of any public ser vice company; provided, however. that l the commission shall file in the office l of the commission a report of the facts 1 found upon such examination or audit. and shall furnish a copy of such report
 to the company upon request.
 PENALTY FOR FALSE RETURNS, ETC
 l 45. Every person who shall wilfuIly l make any false return or report to the l commission tO any r1aynhar fhera-