Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

herein provided for.
Section 1858. The commission shall
have the power to require public servlee
ton, of the proceeds Of all sales OF
stocks, certificates of stock, bonds,
notes, and other evidences Of Indebted
ness, issued pursuant to this act, In such
form and detail as 1t may deem advisable,
and to do and perform any and all acts
necessary to carry out the provisions OF
Section 1854. No public service
corporation shall declare any stock, bond,
or scrip dividend, or divide the pro-
ceeds Of the sale of any stock, bond or
scrip among it's stockholders.
Section 1875. In determining the
value Of the property Of public service
corporation or any person furnishing ser
act, no franchise to be corporation and
no franchise or privilege granted to such
corporation by the state or a municipality
shall be appraised, fixed, or considered
sum paid therefor into the public treas
ury Of the state or the municipality
granting the same.
Section 1753-16 Any such public ser
vice corporation, If dissatisfied with any
valuation made by the commission, or
any order or certificate made or issued
by it, may commence an action in the cir
cult court Of Dane county against the
commission as defendant, to Vacate and
set aside such valuation, ORDER or certl-
ffcate on the ground that the same Is un-
ISdSOIdDl6 Ok uIlld WIul III WHICH eiCLtOtl
the complaint shall be served with the
summons Sections 1915 and 1871
Of the statutes shall apply to all the
rights of the parties to the proceeding
Section 1753-17 Any public service
corporation as herein 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, notes, or other evidences
Of Indebtedness, contrary to the pro
visions Of this act, or who shall apply
the proceeds from the sale thereof to any
purposes tl other than that specified in the
certificate OF the commission, as herein
provided, shall forfeit and pay into the
state treasury not less than five hun
bred dollars nor omre than Ten thousand
dollars for each offense.
Section 1868. Each and every d.
rector, president, secretary, or other otfl-
cial or agent Of any sucn public service
corporation, who shall make any false
statement to secure the Issue OF any
stock, certificates Of stock, bond, note,
or other evidence Of Indebtedness, or
who shall by false statement knowingly
made, procure of the commission the
making Of the certificate herein pro-
vided, or issue with knowledge Of such
fraud, negotiate, or cause to be negot1-
violation OF these statutes. shall be
guilty Of q felony and upon conviction
thereof shall be punished by a fine OF
not less than FIVE hundred dollars, or by
term Of not less than one nor more than
ten years, or by both such fine and i'm
prisonment in the discretion Of the court
Section 1888. All stocks, certifl-
Gates Of stock, bonds, notes, or other evil
dences Of indebtedness issued or delivered
by any public service corporation, a1ter
this act takes effect, upon the authority
Of any articles of Incorporation or
holders or directors filed, taken or had
previous to the taking effect Of this act
shall be void unless the certificate pro
vided for by this act shall have been OBJ
tanned from the commission prior 70 such
issue or delivery. The burden Of proof
shall be upon any party claiming any ex-
emption under this act.
Section 1880. 1. Any. public ser
vice corporation may provide for pre-
ferred stock In It's original articles of or
ganizati0n, or by amendment thereto
adopted by the affirmative vote OF the
holders Of not less than two thirds Of the
outstanding stock, and may In such arti-
cles, or by such amendment thereto
adopted by the affirmative vote Of the
holders Of two thirds of the outstanding
stock, provide for the increase Of the
amount Of preferred stock heretofore
authorized and provide for the payment
Of dividends on all preferred STOCK,
whenever SO authorized out Of the pro-
fits at specified rate not to exceed eight
per centum per annum, before DIVIDENDS
are paid upon the common stock; Tor
the accumulation Of such dividends; for
however, exceeding the par value thereon
over the common stock in the dlstribu-
ton Of the corporate assets other than
profits for the redemption OF such pre-
ferred stock at sum not to exceed the
face value thereof and any accumula-
tons and unpaid dividends, II said
stock provides for the accumulation Of
dividends; and for denying or RESTRICTING
the voting power of such preferred stock
2. Neither preferred nor common stock
shall bear interest. Certificates OF pre-
ferred stock and commor STOCK shan shan.
state on the face thereof all privileges
accorded to and all restrictions imposed
on preferred stock. No change or
amendment in relation to sucn pre-
ferred stock shall be made, except by
ganization, adopted by the afdrmatfvc
vote of the holders Of two thirds of all
outstanding stock, both preferred and
therefor in accordance with the pro
visions Of the articles of Incorporation
and the bylaws Of said company.
Section 1758-21. Before the issuance nc
authorizing any public service corpora
ton to issue bonds, notes, or other eV1d-
ences of Indebtedness, for purposes pro-
perry chargeable to It's capit t accon NJ
sion a fee of one dollar for each thousand
dollars Of the face value Of the bonds,
notes, or other evidences OF 1ndebtedness
to be issued by virtue Of such authority,
provided that no fee shall be required
When such issue is made for the purpose
of guaranteeing, taking over, refunding,
discharging, or retiring any bonds, notes,
or other evidences of indebtedness. Such
fees when collected shall be paid into the
common school fund income. -
Section 1852. The provisions Of
this act shall not, apply to any stock.
bonds, or other evidence Of indepte eaiesa
Section 8. All acts or parts Of acts
conflicting with any, provision Of this aG +
of section 1928, and section 1888, are re-
pealed in so far as they are inconsistent
Section 4. This act shall take effect
and be in force from and after its pas
2nnroved July 7, 1911. Copy Law.
No S92 k ERuf hAMS 6 5q1y 1871 Z i'1
AN ACT to appropriate to Edna p.
Ghynowethh wido SSd Of s m9F Of mon M
therein named. r,,-
The people Of the State OF. Wisconsin,