The Springfield herald., 1914-10-30

Sections Roferred-Nos. &c and 81
AN ACT CONCERNING PUBLIC UTII.
tiles. CREATING A PUBLIC UTII.
tiles COMMISSION. PRESCRIBING
IT'S POWERS AND DUTIES AND
REPEALINti CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
| THERE'WITH.
Said Sections &c and 81 being as fo,-
lows. to-wit;
Section &c. fa) No railroad corpora"
tion. street railroad corporation. plpo
| line corporation. gas corporation. cleo
! trical corporation, telephone corpora,
| tion. telegraph corporation. water cor
visions OF this act. shall honceforth
| sell. lease. assign. mortgaRe or othor'
or any part of It's railroad. street rail-,
road. line. plant or system. necessary
or useful In the! ne performance &C., OF its dn.
permit or any right hereunder. or by
any means whatsoever. direct or indl-
road. street railroad. line. plant or sys,
tenn. or franchises or permits or any
DDsty Dsnf '1n HAVING fr.s .ssnrea
from the commission an order author
ens It i" a oftgaes ysry such sa
tion. encurnbrance. merger or consoli
dation made other than In accordance
thorizing the same shall be void. Tho
permission and approval OF the com.
or permit under section thirty five ta)
of this act. or the sale. lease. assign
ment. mortEaEe or other disposition Or
under this section shall not be con
strued to revive or validate any lapsed
enlarge or add to the powers or privl-
leges contained in the grant of any
or Npthmr 1 or this
contained shall be construed to pre-
vent the sale. lease or other disposition
mn n n
mated in this subsection of property
which is not necessary or useful in tho
fic. and any sale of its property by
such public utility shall BIO conclusive
which Is not useful or necessary in tho
performance Of its duties to tho public.
fss oa to any purchaser en-: a,n OF such property
tb) No public utility shall hereafter
purchase or acquire. take or hold. any
part of tho capital stock of any other
| virtue of tho laws of this State. with
out having been first-nuthorized to do
so by the commission. Every assign,
mcnt. transfer. contract or agreement
f for nssit'nment M ,, 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 mado on the books of any PUBLIC
be construed TO prevent tho holding OF
stock heretofore lawfully ncnuired
Section aI & "a The powsr Tn .to. OF public
tificates. and bonds notes and other
evidences OF indebtedness and to ere:
ate liens on their proDerty 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 bo exercised al
provided by law and under such rule.
and regulations as tho commission may
prescribe
Obj a public utility NAV issue stock,
III ia Oka
and other evidences of indebtedness
payable mt periods of more than twely,
following purposes and no others.
ramcly: For the ACQUISITION of such
property rs is necessary for the prop
er conduct of Its business or for tho
Improvement of its facilities. or for tho
service. or for the discharge or lawful
refunding of its OBLIGATIONS. or for tho
reimbursement of moneys actually ex.
pended from income or from any 9TH
or moneys in the TREASURY of the pub.
II ON the issue OF stocks or stock GER.
tificatcs, or bonds. notes other evl.
dencos of indebtedness of such publ,
utility. within five years next prior to
the filing OF an application with tho
commission for the required authorize
tion. for any OF the aforesaid pur'
poses except maintenance of service
and requirements. in cases where tho
and vouchers for such exDenditures In
such manner as to enable the commits.
sion to ascertain the amount of mon
eys so expended and the purposes for
which such expenditures were mado:
provided. that such public utility. In
addition to the other requirements OF
law. shall first have secured from tha
commission an order authorizing such
and the purpose or purposes to which
the Issue or the proceeds thereof aro
to be applied and that. in the opinion
of the commission. the monev. prop
erty or labor to be procured or paid
for by such issue is reasonably re.
NIra
specified in the order. and that. except
as 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 ch23rseable to TO- &operHHtinF, es
determine whether 1t will issue such
order. tho commission shall hold !.
hearing and may make such additional
inquiry or Investigation. and examine
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 permission for the issue OF
such stocks or stock certificates. or
bonds notes or other evidences OF M
in lesser amount or not at all. ana
may attach to the exercise of its per
mission snch condition or conditions as
1t may deem reasonable and necessary
The commission may authorize issueJ
of bonds, notes or other evidences OF
or greater than tho authorized or sub
scribed capital stock Of public utii.
the statutes OF this state. in so far aa
they contain lnhibitions against thu
creation by corporations 0f Indebted.
ness. evidenced by bonds notes or 9th.
erwise, in excess of their total author
lied or subscribed capital stock shah
have no application 10 public utilities
No public utility shall, without tho
consent Of the commission. applv tho
issue of any stock or stock certificate,
or bond note or other evidence Of in
debteducss. or any part thereof or any
proceeds thereof to any purpose =
not specified in tho commissions orr A.,
der. or 10 any purpose spcciiicd in
the commissions order in excess
of the amount authorized FOR .
such purpose. or Issue or disposn OF
the same on any terms less favorable q,
than those specified in such order, .or
II modification thereof A nubiic util- !,
ity may issue notes for proper pur- :
poses and not In violation OF any pro-
vision OF this act or any other act, pay
able at periods OF not moro than twelve
months after the date OF issuance OF
tho same. without the consent OF tho
commission, but no such note shah. In
whole or in part. be refunded hy any
issue or stocks o. stock certificates. or
OF bonds notes OF auv term charnc,
ter or any other evidence OF Indebted
ness without tbc consent OF tho cora
No public uttlity shall have
power to capltalize any contract foc
cousol ldGtiuu. lease or merger, issue
any bonds. notes or other evidences OF
md sbt cd upsf ltN !. lien thereon without