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

! ter involving the legAi existence or SAID
said employment, If ratified. by ma
jority of all the members elect of said
board shall be legal and binding, and
thereafter be made by any such board.
Section g. This act shall take effect
and be in force from and after its pas
sage and publication.
Approved July 7, 1911. Copy Law.
No. 1855, 81 Published July 8. 1911.
CHAPTER 593, LAWS OF 1911.
AN ACT To repeal sections 1851 to
1858, inclusive, Of the statutes, and
| to create sections 1861 TO 1753-22,
inclusive, of the statutes, relating to
the stocks and bonds of public service
The people Of the state OF Wisconsin,
represented in Senate and Assembly,
DO enact as follows: -
| Section l. Sections 1881 to 1888,
inclusive, Of the statutes are repealed.
Section g. There are added to the
statutes twenty-five new sections to
read: Section 1851. The term public
act shall mean and embrace every rail-
road, street railway, telegraph, telephone,
| express, freight line, sleeping car, light,
heat, water, and power corporation, and
all other corporations excepting towns,
villages, and cities, engaged in the bust
ness Of supplying the public, directly or
water, or in transmitting telegraph or
telephone messages, or in transporting
passengers, freight, or express; the terms
| Commission" when used in this act shall
consin; the term "capital account" when
used in this act shall mean the capital
account prescribed by the commission and
required to be kept by every public ser
| vice corporation as provided by law;
the term met income or revenue when
used in this act shall mean the money
available for dividends and surplus &C
cording 70 the accounts prescribed by the
! TA0uTe6 n Kent
every public service corporation.
Section 1888. The power TO create
liens on corporate property by public ser
vice corporations in this state is spe-
cIal privilege, the right Of supervision.
regulation, restriction, and control Of
which shall be vested In the state, and
such power shall be exercised according
to the provisions Of these statutes.
Section 1853 Except as otherwise
provided herein, the provisions Of this act
shall apply to the issue by puonc service
stock, bonds, notes or other evidences OF
Indebtedness payable at periods Of more
than one year after the date thereof.
poration shall hereafter issue for any
purposes connected with or relating to
any part Of its business, any stocks, GER
tif1cates Of stock, bonds, notes, or other
evidences Of indebtedness, to an amount
exceeding that which may from time to
time be reasonably necessary tor the
purpose for which such issue Of stock,
|
other evidences Of Indebtedness may be
| authorized.
Section 1888. public service cor
po1e,tiOn may issue stocks, certificates of
stock, bonds, notes, or other evidences Of
Indebtedness, when necessary for organ
ization expenses and all other reasonably
required in connection with the financing
and construction Of It's property, for the
acquisition Of property, the construction,
completion, extension or Improvement OF
It's plant, distributing system, or facili-
ties, or for the Improvement Of It's ser
vice, or for the discharge or refunding of
its legal obligations, or In case Of rail
road corporation for any Of the purposes
stated in section 1928 or subsection 10 of
section 1923 Of the statutes, provided,
however that no such corporation shall
issue any stocks or certificates of stock
for any purpose which Is not properly
| chargeable to it's capital account; and
that, II any such corporation shall issue
any bonds, notes, or other evidences OF
Indebtedness for any lawful purpose
; which Is not properly chargeab1e to It's
capital account, it shall set aside an
nually from its net income or revenue, If
any, such sum that when such bonds,
notes, or other evidences Of indebtedness
amount of said sums SO set aside shall
be sufficient to pay and discharge tne
same.
Section 1855 No public service cor
poration shall issue any stocks, certif-
Gates of stock, bonds, notes, or other
evidences of Indebtedness for the pur-
pose of paying, discharging, refunding,
in part, directly or indirectly any Of its
bonds, notes, or other evidences Of in
debtedness, payable at periods Of less
than one year after the date thereof,
which were issued for purposes not prop
erly chargeable to its capital account.
Section 1857. No public service cor
poration shall issue any stock or certi--
, ficate Of stock except in consideration OF
money, or of labor or property, at it's
true money value, as found and deter
mined by the commission as In this act
provided, actually received by it, equal
notes, or other evidences of indebted
ness except for money or for labor or
property estimated at its true money val
ue, as found and determined. by, the com
mission as in this act provided, actually
, received by 1t equal to sum not less
than seventy-fve PEI. cent of the face
value thereof, provided, however, that no
bonds, notes, or other evidences of In
dabtedness of any such corporation is
sued for the purpose Of refunding, retir-
} ing, or discharging any of Its bonds,
, notes. or other evidences of Indebtedness
shall be issued at less than seventy-f1ve
| per cent of the face value thereof, plus
the amount Of any discount hereafter
| paid or incurred by such. corporation up
other evidences of Indebtedness to be re-
funded retired, or di f.d,s All
designated monetary value bonds, notes,
and other evidences Of Indebtedness, OF
any public service corporation issued con-
trary to the provisions or this act shall
be void.
Section 1883. The amount Of bonds
notes, or other evidences of Indebtedness
5 which any public service corporation may
issue shall bear reasonable proportion
to the amount of stock and certificates OF
stock issued by such corporation, due
consideration being given to the nature OF
/ the business In which the corporation is
: engaged, its credit and future prospects,
the effect which such issue will have up
on the management and efficient opera
, ton Of the corporation by reason Of the
relative amount Of financial interest
= which the stockholders will have in the
corporation, and the circumstances sur
rounding the operation and business OF
Section 1883. l. No public service
, corporation shall hereafter issue any
stocks, certificates Of stock, bonds, notes,
or any other evidences or Indebtedness
, except such as are issued for money only
: and payable one year or less from the
) date thereof until it shall have first OBJ
! tanned authority for such issue from the
commission, as herein provided. The
= proceedings for obtaining a certificate OF
such authority from the commission and
= the conditions of It's being granted by
the commission shall be as follows In
, case the stocks. certificates Of stocks