Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22


The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section /. SubSectiOnS 2. 3, and OF
section 209 of the statutes are hereby re-
pealed.
Section g. Subsections and of sec
ton 209 Of the statutes are REMEMBERED
to be subsections and 8 of said section
209
Section 8. This act shall take effect
| upon passage and publication
Approved June 26, 1913. Copy Law.
CHAPTER 500. LAWS OF 1913.
! AN ACT-To amend sections 1888 and
1851 of the statutes to create sub
| section s of section 1888 of the stat
utes, and to amend sections 1852,
1753-13, 1753-14, 1753-21 and 1853
% of the statutes, and to amend section
of chapter 593 of the laws of 1911, re-.
lating to stocks and bonds of public
service corporations.
The people of the State Of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
! Section 1. Sections 1888 and 1853
OF the statutes are amended to read: Sec
ton 1855. l. A public service corpor
alton may issue stocks, certificates of
! stock bonds, notes, or other evidences of
indebtedness, when necessary for any
one or more of the following purposes
(a) For organization expenses and all
other expenses reasonably required in
connection with the financing and con-
struction of it's property;
CD For the construction, ac-
QUESTION extension, or improvement Of
its plant distributing system or facili-
ties, or for the Improvement of its SER
vice;
! (c) For the discharge or refunding of
| it's legal obligations;
! (d) For so increasing the total amount
of it's stocks, certificates of stock, bonds,
notes and other evidences of indebted
ness, where such total is less than the
value of it's property, as found by the
commission, as to equal or more nearly
| equal such value;
(e) In case of railroad corporations for
any of the purposes stated in section
| 1926 or subsection 10 of section 1928 Of
| the statutes.
2. However, no such corpora
ton shall issue any stocks or certificates
of stock for any purpose. which is not
properly chargeable to its capital ac-
| count and + if any such corpor-
alton shall issue any bonds, notes. or
| other evidences of Indebtedness for any
| lawful purpose which is not properly
chargeable to it's capital account, it shall
! set aside annually from it's net income or
revenue if any, such a sum that when
| such bonds, notes, or other evidences of
Indebtedness shall become due and pay
| able, the total amount of said sums so
| set aside shall be sufficient to pay and
| discharge the same.
/ Section 1857. Except as authorized
in section 1854, no public service cor
| poration shall issue any stocks or GER
| tifcates of stock except in consideration
! of money, Of labor or property, at it's
| true money value, as found and deter
mined by the commission as in sections
/ 1851 to 1852, inclusive, provided,
/ actually received by it, equal to the face
value thereof, nor any bonds, notes, or
/ other evidences of Indebtedness except
! for money, or for labor or property est
mated at it's true money value as found
| determined nv a
+ in said sections provided, actually re-
! ceived by it equal to sum not less than
/ seventy-five per cent of the face value
! thereof, provided, however, that no
bonds, notes, or other evidences of in
! debtedness of any such corporation issued
! for the purpose of refunding, retiring, or
! discharging any of its bonds. notes, or
other evidences of Indebtedness shall be
issued at less than seventy-five per cent
! of the face value thereof, plus the amount
/ of any discount hereafter paid or incurred
! by such corporation upon the issuance of
| the bonds, notes, or other evidences of
Indebtedness to be refunded, retired, or
discharged. All stocks, certificates of
! stock, bonds notes. and other evidences
| of Indebtedness, of any public service
corporation issued contrary to the pro-
visions of said sections shall be void.
Section 2. There is added to section
/ 1888 of the statutes new subsection
to read: (Section 1850 g. In case
| stocks, certificates of stock, bonds, notes
! or other evidences of Indebtedness, pay
/ able more than one year after the date
/ thereof are to be issued for the purpose
authorized in subsection 4 of section
! 1853, the corporation shall file with
the commission statement signed and
/ verified by it's president, or vice presi-
/ dent, and secretary stating the fact that
the issue is to be made for such pur-
! pose and setting 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 terms on which they are to be
issued; (c) the application which is to
be made of the proceeds, if any, derived
| therefrom; and Cd the total assets and
liabilities and the previous financial oper-
atoms and business of the corporation, in
such detail as the commission may re-
quire. For the purpose of enabling it to
determine whether the proposed issue
complies with the provisions of this act,
the commission shall determine the true
value of the property of the corporation
| and shall make such inquiry or inVesti-
cation, hold such hearings and examine
such witnesses, books, papers. docu-
| mentS or contracts as 1T may deem of
Importance in enabling it to reach de-
termination. If the commission shall de-
termine that the proposed issue complies
with the provisions of this act such au-
| thority shall thereupon be granted and it
shall issue to the corporation a certificate
of authority stating: (a) the amount of
such stocks, certificates of stock, bonds,
notes, or other evidences of Indebted
ness reasonably necessary for the pur-
pose for which they are TO be issued, and
the character of the same; (b) the pur-
pose for which they are to be issued; Co
the terms upon which they are to be
issued; (d) the application which is to
be made of the proceeds, if any, derived
therefrom; and (e) the true value of the
property upon which such issue is based.
Such corporation shall not dispose of
such stocks, certificates of stock, bonds,
notes, or other evidences Of Indebtedness,
or apply the proceeds derived therefrom,
on any terms or in any manner not speci-
fed in such certificate.
Section 8. Sections 1882, 1858,
! 1753-14, 1881 and 1862 of the
statutes are amended to read: Section
1753-12. No public service corporation
shall issue any stocks, certificates of
stock, bonds: notes, or other evidences of
Indebtedness for money, property or SER
vices or for the purpose au-
thorized in subsection 4 Of section 1863