Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29
No SAG. Al Published June 80
CHAPTER 5e3. LAWS or 1919.

AN ACT To amend sections .T53--5 and 1881 of
the statutes to create subsection Of section 1893
% OF the statutes, and to amend sections lI53-=l2
1753-l3 1T53-l4 17jS--2l and l75t--22 Of the
statutes. and TO amend section of chapter 59S OF
the laws of 1911, relating TO stocks and bonds of
public service corporations.
Senate and Assembly. 90 enact as follows:
Section l. Sections 1853 and l753--7 of the
statutes are amended 10 read Section l75S-5 J. A
public service corporation issue stocks certificates
of stock bonds notes. other evidences of in
dehtedness. when necessary fer one more of
the following purposes:
ta) For organization expenses and all other ex-
penses reasonably required in connection with the
financing and construction of its property;
By For the construction acquisition,
extension improvement of its plant distributing
system facilities. or for the improvement Of It's
Cc) For the discharge or refunding of its legal
(d) For so increasing the fetal amount of its
stocks certificates Of stock bonds notes and other
evidences of Indebtedness where such total is less
than the value of its property, as found BY the
commission, as to equal or more nearly equal sueh
lei In case Of railroad corporations for any of the
purposes stated in section 1926 subsection 10 Of
section 1928 of the statutes
However no such corporation shall
issue any stocks certificates Of stock for any
purpose which is not properly ehargeable 70 its eapi
tal account; and if any such corporation
shall isue any bonds notes, other evidences OF m
debtedncss for any lawful purpose which Is not
nroperly chargeabe capital account 1T shall set
aside annually from its net income 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 authorized in section
l75S-14 no public service corporation shall Issue
stocks or certificates OF stock except IN
tion of money of labor or property at its true
money value. found and determined by the COM
mission in sections 1851 to l45S22 inclusive,
provided actually received by It, equal TO the race
value thereof. any bonds, notes. or other EVIL
ences of Indebtedness except fer money or for labor
or property estimated at its true money value, as
fo,.u nd the commission IN SAID
sections provided. actually received by 1t equal TO
sum not less than seventy five per cent OF Inc lace
value thereof provided. however, that no bonds,
notes or other evidences of indebtedness OF any suen
corporation issued for the purpose of refunding re-
firing or discharging any Of its bonds, notes or
otter evidences of Indebtedness shall be issued at less
than seventy five cent of the face value lheTeo
plus the amount Of discount hereafter paid or IN
Cured by such corporation upon the issuance OF the
bonds notes other evidences Of Indebtedness 70
be refunded. retired or discharged All stocks GER
ticaes of stock, bonds, notes and other evidehceS
Of Indebtedness of any public service corporation Is
sued to the provisions of said sections shai
be void.
section There is added to section 1859 Of
the statutes subsection to read tSectlen lasS
-g) g. In case stocks, certificates Of stock, bonds
other evidences Of Indebtedness payable mor
than alter the date thereof are 70 ne laeu
for the purpose authorized in subsection OF section
1855 the corporation shah file with the commas
sion statement signed and verified by us pfesaehs
mr. vice presdent and secretary stating the fact that
the issue Is be made for such purpose ana seths
forth. fal the amount and character Of the stecks
certificates Of stock bonds notes other evidences
Of Indebtedness proposed be Issued tbl the terms
on which they to be issued; 81 tne appncaaloIl
which ia to be made Of the proceeds II any derived
thcrefro: and d the total assets and liabilities anc
the previous financial operations and business Of the
@orro-atior IN sfch detail as the commission may
REQUIRE For the purpose of enabling it to determine
whether the proposed issue complies with the pro
visions of this act the commission shall IA
true value of the property Of the corporation anc
shall make such inquiry investigation hold such
hearings and examine such witnesses BOOKS. papers
5oc,rers a. contracts as it may deem Of Importance
il enabling 1t to reach a determination Il the
commission shall determine that the proposed issue
or,nes with the provisions this act, sach author
ty shall thereupon be granted and It shall issue 20
the corporation a certificate Of authority stating
IA the amount 81 such stocks certificates Of stock
honds notes. or ether Evidences Of indehtedness Tea
sonahIy necessary fer the purpose foF WHICH they ass
Is be issued, and the character 81 he same NH US
s,.snose ~ which they are ID u Issued: CD zhe