Gunnison news-champion., 1914-10-30

- ..e-.'-sos .,ss 80 49, 49, .rs ~, Z,
a. fe.-sn ssS q Jane < 5. 81 : :
The s.shsrisy ssr sasmsssins sas,
40 : folnd Ia r~cttsn ! % Article Z
- tns Constitution Of she STATE o
20" sae sreSla'n< ser The isitAessss
s~u~ie Ban Ne 4 g-ass isss
be tions Rsfsrusa a. ana -
a. act CONCERNING rtrsiIc urtr.
4TrEs. CREATING A PfrEtsc Uryf-
ITIES Commission. rEEscKtRtSG
ITS POWERS ASD DgTIEs Axr
EErEALISs CERTAIN ACTS ASI
PATS oF Acts an coNSk-acI
TGfEEEWITH
800 Sections a. end o. sssas = sss
3s~s to-wtt.
s~ctlon as Ca 40 railroad corpora
tlon- street. railroad eorsorstion. psOs
Hse cor Dor alton. Gas cor Dor at ION. esse- :
Giusl corpor alton. teiephone CORPORA
zion. tsiosraDh eorporation. water cor
s.isns oS ssis % .ci ~ shall s.assfssss ass "ra
wise dispose q or sncumber the = hois
any part of Its railroad street. rail-
road line. plant or system neceneary
o. useful In the performances of its du-
ties 10 the public. OF anv franchise or
t<tAAtA " my itabt OF tf
an mssns Whatsoever. direct or indi-
rect merge consolidate its rail-
ROAD. street railroad. line plant or ave
part thereof via any other public
gthHy without haetns first secured
frou the commission an order sgthor-
less. assignment mortsAss d.sDosi-
tior. .ncumbrance. merger or conapii-
aaiics made Other than in accordance
thor i1ins the same snail he void. The
PEI m sslon and approval OF the com
missioa 10 the EXERCISE q franehise
Of this act. or the sale. lease. assign
mert mortEake or other disposition or
uud.r Tho section shall not be con
otrued 10 revive or validate anv laDsed
or Invalid franchise or permit or to
iese. contained in the srani oS anv
franchise permit TO waive any
forfeiture Nothing In this subsect ION
vent the sale, lease or other disposition
By any public utility Of class desiG-
nated IN this subsection OF property
performances Of its dutIes to the pub
lie. and any sale OF it's property by
such public utility shall be conclusive
which 10 not useful or necessary In the
peri nance of Its duties to tho public.
- TO any purchaser Of such property
tb. No public utility shall hereafter
purchase or acquire. take or hold. any
bar. Of the capital stock of any other
public utility. operating under and bv
virtue Of the laws Of this state with
cut having been first authorized to do
90 BY the commission. Every assign
nent transfer, contract OF agreement
for assignment or transfer or any
stock by or through any person or cor
poration TO ary corporation or other
wise. IN violation Of any OF the provis-
Ions Of this section shall be void and
ef no effect. and no such transfer shall
be made on the books Of any public
be construed 10 prevent the holding Of
stock heretofore iaxfully ACQUIRED
.,sIss,a e.,sn 81 . ., me power & OF public
tificates. and bonds. notes and other
evidences Of inde ebtedness and to ere
Within this state is special priviiess
the right of supervision, regulation. re
strlction and control of which is and
shsl continue to be vested in the State.
and such power shall be exercised as
prov tded by law and under such rules
and regulations as the commission may
tbi A public utility NAV issue stocks
and stock certificates. and bonds notes
end other evidsnces of indebt edness
months after the date thereof. for the
following purposes and no others.
ramely For the acquisition of such
sr conduct Of its business or for the
construction. completion extension or
Improvement of its facilities or for the
Improvement or maintenance Of its
service or for the discharge or lawful
refundinR of its obligations or for the
reimbursement Of moneys actually en
pended from income or from anv 9TH
er moneys in the treasury Of the pub
lie uulitv not secured by or obta ned
q ON the issue OF stocks or stock GER
tificates. or bonds notes other evil
6ences of Indebtedness of such public
utility. within five years next prior to
the filing of an application with the
isRlOn for tho rad Mt
uon, for any OF the aforesaid pur-
poses except maintenance Of service
applicant shall have kent its accounts
end vouchers for such expenditures in
euch manner as to enable the commits
sion TO ascertain the amount Of mon
sys expended and the purposes for
which such expenditures were made
provided. that such public utility. in
Law. shall first have secured from the
commission an order authorizing such
Issue and stating the amount thereof
end The purpose or PURPOSES to which
the issue or the proceeds thereof are
10 be applied, and that. in the opinion
OF the commission the money. prop-
for by such issue is reasona blv re
uuired for the purpose or purposes
epeci iied IN the order. and that. except
a. otherwise permitted in the order in
the cas-. Of bonds. notes or other evil
cences Of Indebtedness such purpose or
purposes are not In whole or in part
Reasonably charFea Bile to operating ex-
penses or to income To enable il to
determlne whether Il Will issue such
order, the commission shall hold a
hearing and may make such additional
tnGuiry or investigation. and examine
such witnesses. books, papers, dOcu-
msrts ana contracts and require the
filling OF such data as q NAV deem OF
sssistaucs The comm nission NAV hy its
order grant permission for the ISSUE Of
such stocks or stock certificates or
bonds, notes or other evidences Of in
debtecness In the amount applied for
OF IN lesser amount. not at all and
may attach to the exercise Of its per
mission such condition or conditions as
u NAV deem reasonable and necessary
The commission NAV authorize issues
Of bonds. notes or other evldauces OF
Indebtedness. less than. equivalent to
or greater than the authorized or sub
sCrlbeu capital sfusE OF public utll -
lty corporation and the provisions ~
the statuss Of this STATE In so rar as
they contain Iuhlhitious against the
creation BY CORPORATIONS ~ indebt. -
eess evidenced hy bonds notes or 9th
erwlse. In excess OF their total author
tsed Or subscribed capital stock shall
have no application 70 public utilities
No public utllty shall without the
consent Of the commission. apply rhs
issue of any stock or stock certificate
or bond, note or other eF alure Of in
dsbtedress. or any part rH=regf or any
proceeds thereof 70 arv uuru1sa
not specifl~d in the comm ssL1ufs or.