The Elbert County tribune., 1914-10-16
senat. BIN No. 1. Laws l,ls.

Senate Bill No. I. Laws 1913
Sections Referred-Nos 3s and 81
AN ACT CONCERNING PUBLIC UrIL-
ITIEs. CREATING A PUBLIC UTIL-
1TIES COMMISSION. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEALING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
THEREwITH
said Sections 80 and 81 being a. fol-
lows. to-wit:
Section &C. (a) No railroad corpora
line corporation. gas corporation. eiec-
trical corporation. telephone corpora
ton. telegraph corporation. water cor
poration. or person subject to the pro-
visions of this act shall henceforth
sell. lease. assign. MORTGAGE or other
or any part OF It's Railroad. street rail-
road. line. plant or system necessary
or useful in the performances of Its du-
ties to the public. or anv franchise or
permit or any right Hereunder or by
any means whatsoever. direct or indi-
road. street railroad. line. plant or sys-
TEN. or franchises or permits or any
's,,tt Part theregf ,'so With any Gther public
from the commission an order suthor-
txing II SO to do. Every such sale.
tion. encumbrance merger or consoli-
datton made other than in accordance
permission and approval of the COM
mission to the exercise of a franchise
or permit under section thirty-five (a)
of this act. or the sale. lease. assign
ment. mortgage or other disposition or
under this section shall not be eon-
Etrued to revive or validate any laDsed
or invalid frapchise or permit or. to
leges contained in the grant of anv
franchise or permit. or to waive any
contained shall be construed to pre-
vent the sale. lease or other disposition
by any. public utility OF class dcsig
mated in this subsection of property
which is not necessary or useful in the
performance OF its dutles to the pub
such public utility shall be conclusive
ly presumed to have been of property
which is not useful or necessary in tho
performance OF its duties to the public
ss to any purchaser Of such property
In good faith for value.
(b( No public utility shall hereafter
purchase or acquire, take or hold. any
part of the capital stock of any other
public utility. operating under and by
out having been first authorized to do
so by the commission. Every assign
Tor assignment or transfer or any
stock by or through any person or cor
poration to any corporation. or other
wise. In violation OF any of the provis-
ions OF this section shall be void and
Of no effect. and no such transfer shall
be made on the books of any public
utility. Nothing herein contained shall
be construed 10 prevent the holding of
stock heretofore lawfully ACQUIRED.
utilities to issue stocks and stock GER
tifieates. and bonds. notes and other
evidences of indebtedness and to cre-
ate liens on their property situated
within this state is a special privilege.
striction and GontrS Of @hisb p and re
shall continue to be vested in the State.
and ,.,nl such power shall be exercised as
and regulations as the commission may
tb) A public utility NAV issue stocks
and stock certificates. and bonds. notes
and other evidences of indebtedness
;nn,b bayabble t.s at periSds Of more than twelve
rameiy For tSe acanisit,on a of 9f'seff sech
er carduct of its business or for The the
imprS Vement of its facilities. or for the
Improvement or maintenance of Its
service. or for the discharge or lawful
refunding of its obligations. or for the
pended from income or from any 9th
or moneys in the TREASURY of the pub
lie utility not secured by or obtained
from the issue of stocks or stock GER
tificates. or bonds. notes or other evil
dences OF indebtedness of such public
the filing of an application with the
commission for the required authorize
tion. for any OF the aforesaid pur-
and replacements. in cases where the
applicant shall have kept it's accounts
and vouchers for such expenditures in
such manner as to enable the commis-
sion to ascertain the amount of mon
eys so expended and the purposes for
which such expenditures were made:
provided. that such public utility. In
pddition to the other requirements of
commission an order authorizing such
Issue and stating the amount thereof
the isss,e pe or the procee1s thereof ~ Thaqn ara
to be applied. and that. in the opinion
of the commission. the money. prop
Tor by such issue is reasonably re-
uuired for the purpose or purposes
az eherwise liz me permitted ana In tbe at ords escep. m
the case of bonds. notes or other evil
iences of indebtedness. such purpose or
reasonably charceable to operating ex-
penses or to income. To enable IL to
astdermine ate % whether ,s, Il VIII issue so,S such
hearing and may make such additional
inquiry or Investigation. and examine
such witnesses. books, papers. docu-
ments and contracts and require the
filling OF such data as IL may deem of
assistance The commission may by its
such stocks or stock certificates. or
bonds. notes or other evidences of in
or In lesser amount. or not at All, and
may attach to the exercise of its per-
mission @ @ such ~ ~eondition or S 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
Hcribed capital stock of public util-
ity corporation. and the provisions of
the statutes of this State. in SO far as
they contain inhibittons against the
creation. by corporations of indebted
ness. evidenced by bonds. notes or 9TH
srwlse, in excess of their total author
lied or subscribed capital stock shall
have no application to public utilities
No public utility shall. without the
consent. OF the commission. apply the
issue of any stock or stock certificate
or bond. note or other evidence of in
debtedness. or aEy part thereof. or any
proceeds thereof. to anv Durpose
not specified in the commissions or
der. or to any purpose specified In
the commissions order in excess
such purpose. or Issue or dispose OF