The Springfield herald., 1914-10-16
Senate BIN No. /. Laws 1913.

Sections Referred-Nos. Sc and 81.
AN ACT CONCERNING PUBLIC UTII.-
ITIES. CREATING A PUBLIC UTII,-
tiles COMMISSION. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEALING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
THEREWITH.
Said Sections sc and ST being as fol-
lows. to-wit:
Section 36. (a) No railroad corpora
tion. street railroad corporation. pipn
trical corporation. telephone corpora
tion. telegraph corporation. water cor
Visions OF this act. shall henceforth
sell. lease. assign. mortxaEe or other
or any part OF Its raiirond. street rail-.
road: line. plant or system, necessary
or useful in the performance of Its du-
permit or any right thereunder. or by
any means whatsoever. direct or indi-
road. street railroad. line. plant or sys.
tenn, or franchises permits or any
WSon YIN havns tas Htnor sssapsa gan
from the commission an order author
izing it SO to do. Every such sale.
tion. encunlbrance. merger or consoli-
dalton mado other than in accordance
thorizing the same shall be void. Tho
permission and approval of the com
mission to ds The eserfiss Tf tfanehls1
of this act. or the sale. lease. assign
ment. mortgage or other disposition or
under this section shall not be con.
strucd to revive or validate any lapsed
enlarge add to the powers or privi-
leges contained in the grant of any
{ranehisa , or psrimit' or 10 wntse mhctinn nnn
contained shall be construed to pre-
vent the sale. lease or other disposition
i.,K .I.Ig oIo u oil
mated In this subsection of property
which is not necessary or useful in tho
fic. and any salo OF it's property By
such public utility shall be conclusive
ly. presumed to have been of property
performance OF its duties to tho public,
Gs to any purchaser, of such property
in good faith for value.
tb) No public utility shall hereafter
purchase or acquire. take or hold. any
part OF the capital stock OF any other
virtue of the laws of this State. with
out having becn first authorized to do
ment. transfer. contract or agreement
for assignment or transfer or any
poratlon to any corporation; or other
wise In violation OF any of the provis
Of no effect. and no such transfer shall
be made on the books of any PUBLIC
Willy. N2salnT ,,s haresc contained shall
stock heretofore lawfully acquired,
Section az. fa) Tho power of pubIip
tificatcs and bonds. notes and othe,
ate Hens on their property situated
within this state Is special privilege,
the right Of supervision regulation. re,
striction and control of which Is and
shall continue to be vested in the State.
and such power shall be exercised an
provided by law and under such rules
and regulations as tho commission may
fb) 4 public utility NAV issue stocka
and stock certificates. and bonds. notes
payable at periods of more than twelve
months after tho date thereof. for the
rameiy For the acquisition of such
property rs is necessary for the prop,
construction. completion. extension or
Improvement of its facilities. or for tho
improvement or maintenance of it's
refundlng of its obligations. or for tho
encouragement OF moneys actually eS-
cr moneys in the treasury of the pub
lie utility not secured by or obtained
tificatcs. or bonds. notes or other evil
dences OF indebtedness of such public
the filing of an application with tho
commission for the required authorize
ton. for any of the aforesaid purs
poses except maintenance OF service
and replaceinents. in cases where the
applicant shall have kept its accounts
and vouchers for such expenditures In
such manner as to enable tho comTpis
sion to ascertain the amount of mon
which such expenditures we're nado:
provided. that such public utility. In
addition to the other reouiremepts OF
law. shall first have secured from tho
commission order authorizing such
issue and stating the amount thereof
the issue or the proceeds thereof are
to be applied. aud that. in the opinion
erty or labor to be procured or paid
for by such issue is reasonably re-
auired for the purpose, or purposep
specified in the order. and that. except
ms otherwise permitted in the order In
the case of bonds notes or other evil
dences of indebtedness. such purpose or
purposes are not. in whole or in part,
reasonably charEcable to operating e.-
penses or to income. To enable it to
determine whether 1T viii issue such
order, the commission shall hold a
ihea5ins ana an nay ime sueh End
such witnesses, books, papers, docu.
ments and contracts and require tho
filling OF such data as IL may deem OF
assistance. The commission may by Its
order grant pcrmlssto for the issue Of
bonds. notes or other evidences of in
debtcdness in the amount applied for,
may attach to the exercise Of its per
mission such condition or conditions as
The commission may authorize issues
of bonds. notes or other evidences Of
indebtedness less than; equivalent to
or greater than the authorized or sub
scribCd caDitu stock of n public utll.
ity corporal ion. and the provisions or
the statutes OF this state. in SO far
they contain inhibitions against tho
creation by corporatiouS Of Indebted
ness. evidenced by bonds. notes or 9th
erwiBe, in excess OF their total author
ICED or subscribed capital stock shnlN
have no application to public utilities
No public utility shall. without tho
consent of the commission, apply the
issue OF any stock or stock certificate.
or bon3. note or other evidence OF in
iobtcdncss, or any part thereof, or any
proceeds thereof. to any purpose
lot specified in the commissions or
ler. or to any purpose specificd In
he commissions order in excess
n the amount authorized FOR
such purpose or issue or disposc OF
he same on any terms less favorable
han those specified in such order. OF
, modification thereof \ public util-
~ may issue notes for proper pur
,oses and not In violation OF any pro
'islou or THIS act or any other act pay
lble at periods OF not more than twelve
months after tho date Of issuance oc
he same, without the consent of tho
but no such note shall. In
whole or in part, be refunded by any
ssuc Of stocks or stock certificates. or
Il bonds. notes OF Nnv term or chRrac.
or or any other evidence of indebted
less. without tho conscn. of tho com
mission No public utility shall have
,ower 10 c1pitalise anv contract for
onsolidnt ION lease or merger. or ISSUE
my bonds. notes or other evidences OF
nd nbtcdncss us y lien thereon without