The Monte Vista journal., 1912-11-02

power to require public utilItles Ia nc
couht Tor the disposition OF the pro-
certlicates, and bonds. notes and
other evidences OF indebtedness in
s sSS1 form and detail as Il may deem
and regulations as 1t may deem rea-
sonable and necessary to insure the
disposition or such proceeds for the
purpose or purposes specified In its or
tc) Except as In this act provided. all
stock and every stock certificate. and
every bond. note or other evidence OF
lhdeotedness, of a public utility issued
without an order of the commission
authorizing the same then In effect
shall be void, and likewise all stock
and every st ock certificate and every
bond, note or other evidence of In.
uebt edness. OF a public utility, Issued
with the authorization OF the commits
sion. but not conforming In its pro-
visions to the provisions, II any, which
II Is required by the order OF author
lZatlon of the commission to contain,
snail snail be void; but no failure in any
terms or conditions OF the order of au-
thorlZation of the commission shall
render void any stock or stock certifi-
cate, or any, bond, note or other evil
uence OF Indebtedness. except as to
corporation or person taking the same
otherwise than in good faith and for
value and without. actual notice.
td) Every public utility which di-
rectly or Indirectly, issues or causes
to be issued, any stock or stock GER
tiflcate. or bond. note or other evil
dence of Indebtedness, except as pro-
vided In this act. In conformity
with the lawful order OF the commIs
sion authorizing the same, and con-
trary to the provisions OF this act, and
state. or which applies the proceeds
from the sale thereof, or any part
thereof. to any purpose other than the
purpose or purposes specified in the
In
vided, or as allowed by law, or to any
purpose specified In the commissions
order In excess OF the amount In said
order authorized for such purpose, is
subject to penalty of not less than
five hundred dollars nor more than
twenty thousand dollars for each Of
Tense.
-te) Every officer. aren't or employee
of public utility and every other per-
son who knowingly authorizes. directs
AIDS In, issues or executes or causes
stock certificate. or bond, note or other
evidence of Indebtedness. except as
provided In this act, in non-conformity
with the lawful order of the commits
sion authorizing the same, and con-
trary to the provisions of this act and
of the constitution or laws of this
state, or who. in any proceeding before
the commission, knowingly makes any
false statement or represent ation or
with knowledge of Its falsity files or
causes to be filed with the commission
any false statement or representation
which said statement or representa-
tion SO made, filed or caused to be filed
may tend In any way to Influence the
commission to make an order authoriz-
tificate. or any bond. note or other evil
dence of Indebtedness, or which re-
suits in procuring from the commission
the making Of any such order. or who
with knowledge that any false state
ment or representation was made to
the commission. In any proceeding.
tending In any way to influence the
or executes or negotiates, or causes to
be Issued. executed or negotiated any
such stock or stock certificate or bond.
note or other evidence of Indebtedness
or who, directly or indirectly. knowing
ly applies or causes or assists to- be
applied the proceeds of any part there
of from the sale OF any stock or stock
certificate, or bond, note or other EVIL =
dence of Indebtedness, to any purpose
not specified In the commissions lawful
order. or allowed by law. or to any
purpose specified in the commissions
order In excess of the amount author
ICED for such purpose. or who. with
knowledge that any stock or stock GER
tificate, or bond, note. or other EVIL,
dence of Indebtedness. has been Issued
or executed in violation of any of the
provisions OF this act, negotiates, or
causes the same to be negotiated shall
be guilty of felony;
deed or act done or performed under or
in connection Herewith. shall be held
or construed to obligate the state OF
Colorado to pay or guarantee In any
manner Whatsoever, any stock or stock
certificate, or bond, note or other evil
dence of Indebtedness, authorized, Is
sued or executed under the provisions
of this act.
(g) Except as otherwise provided in
this act, all stocks and stock certifi-
Gates, and bonds, notes and other evil
dences of Indebtedness Issued by any
public utility after this act takes eff
feet, upon the authority of any articles
of Incorporation or amendments there-
to or vote OF the stoekholders or dlrec-
tors filed, taken or had, or other pro-
ceedings taken or had. previous to the
taking effect of this act, shall be void,
unless an order OF the commission au-
stock certificates. or bonds. notes or
other evidences OF Indebtedness shall
have been obtained from the commits
sion prior to such Issue: prpvidea. tnnt
thorized capital stock unsold may sell
or otherwise dispose OF same at not
less than par when authorized BY ar
ticies of incorporation or bylaws or
laws OF the state OF Colorado, without
the consent of the commission. The
commission may In al proper cases
hereunder by Its order impose sucn
condition or conditions as IL may deem
reasonable and necessary.
Section 4s. All hearings and investi-
cations before the commission or any
act and by rules OF practice and pro-
cedure to be adopted by the commits
sion and In the conduct thereof neither
the commission or any commissioner
shall he bound by the technical rules
OF evidence. No Formally In any pro
ceeding or In the manner OF taxing
tostIm5ny before the commission or
any commissioner shall invalidate any
order. decision, rule or regulation made,
approved or confirmed by the commits
section a.. The commission and
each commissioner shall have power to
issue wrlts OF summons, subpnnas ana
manner and to the same extent as
courts of record, The process issued
by the commission, or any commits
sioner, shall extend to all parts OF the