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


the proposed stocks, certificates of stock,
ponds, notes, or other evidences of in
debtedness; (b) the purposes for which
which they are to be issued. and (dJ
the total assets and liabilities, and the
previous financial operations and bust
ness OF the corporation, in such detail as
the commission may require
2. The sisners of the articles Of asso-
citation of public service corporation
hereafter organized may sign and verify
such statement in the first instance. For
the purpose Of enabling 1t to determine
whether the proposed issue complies with
the provisions Of this act, the commits
sion shall make such inquiry or investiga-
ton, hold such hearings and examine
such witnesses, books, papers, documents
or contracts, as 1T may deem OF i'm
portance in enabling it to reach a de-
termination. 1t may also make a Yalua-
ton Of all tho property Of the corpora
ton II it deems it pertinent to the in
curry or investigation. 1t shall find and
determine the amount of such stock, GER
tifcates Of stocks, bonds, notes. or other
evidences of indebtedness, reasonably ne
cessary for the purposes for which the
same Is to be issued
3. If the commission shall determine
that such proposed issue complies with
the provisions Of this act, such authority
shall thereupon be granted, and it shall
Issue ne It, TO- the corporation certificate Of
such stocks, certificates of stock bonds
notes, or other evidences Of indebtedness
reasonably necessary for the purposes for
which they. are to be issued, and the
for which they are to be issued, and co.
the terms upon which they are to be is
sued Such corporation shall not apply
the proceeds Of such stock. bonds, notes,
or other evidences of indebtedness as
aforesaid, to any purposes not specified
In such certificate, nor issue such stock
bonds, notes, or other evidences Of in
debtedness, on any terms not specified In
such certificate
4. In case the stocks, certificates Of
stocks, bonds, notes, Or other evidences of
Indebtedness, payable in more than one
year after the date thereof, or payable
IN less than one year from the date there
Of when issued for purposes properly
chargeable to its capital account, are to
DC issued. partly or wholly for, property
or services or other consideration than
money, the corporation shall file with tho
commission statement, signed and veri-
fed by It's president and secretary, set
ting forth (a) the amount and character
of the stocks, certificates Of stock, bonds,
notes, or other evidences Of Indebtedness
proposed to be issued; CD the purposes
for which they are to be issued; (c} tho
description in detail and estimated value
Of the property or services for which they
are to be issued; (d) the terms on which
they are to be issued or exchanged; (e)
the amount Of money, II any, to be re-
property, services, or other consideration,
and (f) the total assets and liabilities
and the previous financial operations and
business Of the corporation, in such de-
tails as the commission may require.
D. The signers OF the articles of asso-
citation Of public service corporation
hereafter organized, may sign and verify
such statement in the first instance For
the purpose OF enabling it to determine
whether the proposed issue complies with
the provisions Of this act, the commits
sion shall determine the true valuation,
In detail, Of the property, services or
other consideration other than money, for
which it is proposed to ISSUE in whole or
III part, such stocks, certificates Of stock
bonds, notes, or other evidences of in
debtedness, and shall make such inquiry
or investigation. hold such hearings, and
examine such witnesses books, papers,
documents or contracts as it may deem
Of importance in enabling it to reach a
determination
G. If the commission shall determine
that the proposed issue complies with the
provisions Of this act, such authority shall
thereupon be granted and it shall issue to
the corporation certificate OF authority
stating: (a) the amount of such stock
certificates Of stock, bonds, notes, or other
evidences Of Indebtedness, reasonably
necessary for the purposes for which they
are to be issued, and the character of the
same; (b) the purposes for which they
are to be issued; (c) the terms upon
which they are to be issued, and (d) the
true value Of the property, services, or
other consideration than money (Which
shall be described in detail) as found and
determined by the commission, for which,
In whole or IN part, such issue Is to be
made.
7. Such corporation shall not apply the
proceeds Of the sale of such stock, bonds
notes, or other evidences Of Indebted
ness as aforesaid to any purpose not
specified In such certificate, nor issue
such stock, bonds notes, or other evil
dences Of Indebtedness on any terms not
specified In such certificate, and no prop
erty, services, or other consideration
than money shall be taken in payment
to the corporation for such stock, GER
tiflcates Of stock, bonds, notes or other
evidences Of indebtedness, except at the
true value. of such property, services, or
other consideration than money, as found
and determined by the commission and
stated in said certificate.
1753-9 contained, shall Be construed
to prohibit the commission from author
izing in such certificate the mortgage or
pledge by any public service corporation
Indebtedness issued by such corporation
as security for or as part security for any
bond, note, or other evidence of indebt-
edness issued by or loan made to such
corporation which shall not be issued or
made In violation of the provisions Of
this act, provided that the terms of said
loan and Of such notes, bonds or other
evidences of Indebtedness shall provide
or other evidences Of indebtedness shall
upon non-payment Of the notes, bonds
or other evidences Of Indebtedness which
they are pledged to secure, or upon non
performance of any Of the conditions
thereof, be sold, or become the property
Of the holders of the notes, bonds, or
other evidences Of Indebtedness so Sc
cured, either directly or through a trus-
tee for their benefit, except at or through
public sale, notice whereof shall be pub
lished once q week for not less than
three successive weeks prior thereto in
at least one newspaper of general circu-
lation printed in the English language
and published in the place where such
sale shall take place, and except at a
sum not less than seventy-five per cent
Of the face value thereof, plus the dis
count, If any, paid, or incurred by the
corporation upon the notes bonds or
other evidence Of Indebtedness which
they are pledged to secure
Section 1753-11 /. Any person or as
sociation of persons, which shall have, or
may hereafter become the owner or as
signee Of the rights, powers, privileges,
and franchise of any public service cor
pOration, created or organized by or I'M
der any law of this state, by purchase
under mortgage sale, sale in bankrupt
proceeding, or sale under any Judgment
order, decree, or proceedings of any
court in this state, including the courts
Of the United States sitting herein must
within sixty days after such purchase or
assignment, organize anew by filing arti-
cles of organization as provided by law
respecting such corporations for similar
nIrDOSpS and fhnreuDOn shall have the