Gunnison news-champion., 1914-10-16

40 y. 'er-nai.an
s.naie R5E No a Las tsss
setieass Ae9errea Nss a. ana 17
81 trT cesNsCEExFNg rtrsJsGC Irrtf.
o. A. crksFI~e a ~ rs5ssse t-rtIs
Il AZ coagafl-1if.< E'izs.-s HsEI~c
IIs IaOW EES AMI DC1Tks~ sNE
I-frEAs.INt CEEIAfS ACTS AM
TaFrs of scTs A. coNsl.tc-I
Tl1tsi1Ew ITH
ssia ssat,oas - end a. sesss = sos
icss to-sa
ton strses ralirssd uofpo = ion sise
iiisr ruft sttor. es- 90 noi acton s.sec-
tricsi cefaot .tson. tcieptone corsoes
soaaiioh. of person ~ubi..ci 10 the 90
ssIpas of this scL shsu neisussort u
sell icase. ass,sn. mortease o. oa.er
uispose % or encunslser the - hole
o. Any part Of is railroad. street raii-
road. llile. plant o. stem necessary
% nssie. W the psrsoi nance of - ds
ties . he p.biic. o. any frsnehsse OF
uerult any right thereuIfaer or Is
sny mesns shstsoe direct md
resd street. railroad s,s.s Disus o. AVE-
TEN. - franchises or permiso or ans
pslt th.neof. vita ant other pnbste
from the commission 40 order ssther-
lease ssslsnn-nt nIortsass ss-sosi
De tieu made oth.r than IN accordance
Win tho order OF the comm insion as-
tho izins the same shall be void. The
pei MISSION and approval OF the com
missios to the exercise Of a franca ise
of permit under section thirty 1--we sal
sf this oct. or the sale. loase. assign
meut nortGaGe OF other d!sDos ION or
encumbrance OF a franchise OF permit
under this section shall not be CON
strned e revive o. validate any iaD~ea
enisrse or add to the powers or privi-
ieses contained IN the grant Of anv
,s,.ss'.. ,,.,, or .s Dssnn,t or 70 waive any
contained shall be construed 20 pre-
ven, the sale. lease or other discosifi ion
nssd ~ p'H the % .abssctIon ~ 81 o~Is sreessiv as
performance Of Its dutIes TO the pub
such public utility shall he concinslve-
~ presumed to have been Of property
which not useful or necessary In the
performance OF its duties 60 the public.
- TO any purchaser of such property
In good faith Tor value.
tbl No public utility shall hereafter
purchase or acquire. take or hold snv
part of tho capital stock Of anv Other
public Utility. operating under and BY
virtue OF the laws OF this State. with
out having been first authorized TO do
% by the commission Every assign
ment. transfer, contract OF agreement
Tor ssslenment o. transfer or any
porRtion to any corporation. or other
wise. In violation of any of the provis-
ions OF this section shall be void and
" no effect. and no such transfer shall
be made on the books of any public
utility. Nothing herein contain ned shall
hs construed TO prevent the holding sf
stock heretofore lawfully ACQUIRED
section 81. tal The power OF public
Utilities to issue stocks and stock cer-
evidence Of inde btedness and to ere
ate liens on their propertv situated
within this state 10 a special privilege.
strict,on and control OF which is and
shall continue to be vested in the state
and such power shall be exercised as
provided BY law and under such rules
and res uiations as the commission may
prescribe.
10 A public utility NAV Issue stocks
aud stock certificates. and bonds notes
and other evidences of indebted ness
TaNahie At periods OF more than twelve
months after the date thereof. for the
ramely: For the acquisition of such
property as is necessary for the prop
er conduct OF lite business or for the
construction. completion. extension or
Improvement of Its facilities. OF for the
lmprcNement or mstntenswce of tts
ssrN zee, or Tor the discharse or lawful
refundine of lite obligations or for the
reinnbursement OF moneys actually eH
pended from income or from anv 9TH
81 moncye in the treasury of the pub
le utiiitV not secured by or obtained
q ON the issue OF stocks or stock GER
tifieates. or bonds, notes or other evi-
denCes OF inde bit tedness Of such public
utility, within five wears next prior to
the fihnG Of an application with the
commission for the required authorisa-
ton. for any Of the Aforesaid pur-
poses except maintenance of service
snd repiacements. In cases where the
applicant shall have kent it's accounts
and vouchers Tor such expenditures In
such manner as to enable the commis
sion TO ascertain the amount OF mon
eNs 40 expended and the purposes for
na
provided, that such public utilitv. in
edition to the other require neTfts of
commission an order authorizing such
iesue and stating the amount thereof
snd the purpose or purposes to which
the issue or the proceeds thereof are
10 be applied. and that in the opinion
OF the comm ssion. the money. prop
srty or labor to be procured or paid
Tor by such issue 10 reasonably re-
auirea FOR the purpose or purposes
specified in the order. and that except
as otherwise permitted in the order in
the case OF bonds. notes or other evi-
tences of Indebtedness. such pur pose or
purposes are not. In whole or in part
reasonably ehareeahle TO opefating ex-
peuses or to income To enable il to
determine whether il viii issue such
order. the commission shall hold a
iuautry or invest cation. and examine
such witnesses. books. papers. docu-
msuts and contracts and REQUIRE the
fullng Of such data as It NAV deem of
assistance The commission NAV bv its
order grant permission for the issue Of
such stocks or stock certificates or
bonds, notes or other evidences Of in
fehtedness In the amount applied for
or In lesser amount. or not at all and
may attach to the exercise Of ite per-
mission such condition or conditions as
q may Deem reasonable and necessary
The commission NAV authorize issues
- bonds notes or other evidences of
Indebtedness. less than, equivalent 10
or greater than the authorized or sub
sCrlbed capital stock of public util-
tty corporation. and the provisions Of
the statutes Of this state. In so far as
they contain inhlbitions against the
creation by corDorations ~ iude bt ed
ness evidenced by bonds. notes or 9th
srwise. m excess Of their total author
tzed or subscribed capital stock shall
have no application 70 public utilit ies
No public utihty shall without the
consent OF the c0mmlssiOn. auplv the
Issue u any stock or stosE certificate
or bond note or other evidence of in
6sbtsuuess. or any part tn reef or any
proceeds thereof 10 suv purpose
cot spec lied in the COmmissiOn's or
ref, or 70 any purpose specified in
the commission order IN excess
OF the amount authorized for
such purpose. or issue or dispose o,
the same on any terms less faVora BE
than those specified 81 sueh order or
modification thereof A public util-