The Elbert County tribune., 1914-10-16

construed TO prevent the sale, lease o.
q Ssn:r ess nk shis .Ss.ss Ssy
sr ussfsi n the Dsrsorm.nss q 'its ds-
property BY such public utility shall
be coneiusivsiy. presumed to have bssn
essary In the performance OF .its du-
ties to the public. As to any purchaser
Of such property In good faith fer
6bl No public utility shall hereafter
purehas: or acquire. take or hold. eny
Virtue Of the laws OF this State with
do SO by the commission Every as
alignment. transfer. contract or agree
stock sy sr sns psr.sr
or. corporation to any corporation. or
,p SiSlslop Of OF ths
and OF no effect. and no such transfer
shall bc made on the books OF any
sssd sbai be conssrasd a to asns@ prsS.us ssS ss.
holding OF stock heretofore lawfully
section 81. ta) The power se publ.
utilities to issue stocks and stock car
tifieates. and bonds. notes and other
within this State is a special privilege.
striction and control OF which IN and
shall continue to be vested In the State
provided BY law and under such rules
and regulations as the commission may
Obj A public utility may issue stocks
and stock certificates. and bonds. notes
and other evidences OF indebtedness
months after the date thereof. for the
following purposes and no Others
property na ia s"n nessssarv for the nran,
er conduct of Its business. or for the
eonstruction: Completion, extension or
Improvement OF Its facilities. or for
the Improvement or maintenance OF tts
service. or for the discharge or law
the Encouragement OF moneys actually
expended from income or from any
pubiie usiify not nc 'hs secrsd essu by or or oh ss
taincd from the issue of stocks or
stock eertiflcates, or bonds, notes or
public utility. within. five years next
prior 70 the filing Of an nnpiication
authorization. FOR any of the afors-
said purposes except maintenance OF
%hsre tbs and 5n,plaaements IN case.
It's accounts and vouchers for such ex-
penditures in such manner as to en-
amount of moneys SO expended and the
purposes for which such expenditures
lie utility. in addition to the other re-
quirements OF law. shall first have Sc
authorizing such issue and stating the
amount thereof and the purpose or
purposes TO which the issue or tho
that. In tho opinion OF the commissIon
the money. property or labor to be
reasonably " reauIred @ % for 10y suS the pnrpo.: ,ssne
or purposes specified In the order. and
ordsr sksepi az the ho In
or other evidences OF indebtedness
such purpose or purposes are not. in
come; TO enable il to determin.
commission shail hold hearing and
may make such additional inquiry or
resses. books. papers, documents and
contracts and require the filing OF
such data as Il may deem of assist
der. grant permission for the Assue OF
such stocks or stock certificates, or
debtedness In the amount applied for,
or In lesser amount, Or not at all. and
sseh s Sonaton ssscsss cr % ss r.
The so%misslon may sathorIss tho hssshs"ss ISSUE.
or creator than the authorized or sub
ity corporation. and the provisions Of
the statutes Of this State. in SO Tar a.
they contain tn inhbltIons sxsinst the
ness. evidenced by bonds. notes or 9TH
erwise. in excess Of their total author
havs no application to public utiiities.
No public utility shall. without the
issue OF any stock ~ or Stock ceptifIcat:.
or bond. note or other evidence OF In
debtedness; or any part thereof. or any
proceedg thereof. to any purpose not
specified In the commlssion's order. or
to any purpose specified In tho COM
amount authorized for Such such purpose
or issue or dispose OF the same on any
terms less favorable than those specf.
thereof: A public utility may Issue
notes; ;a;,d for proper purposes and not ia
or any other act. payable at periods
OF not more than twelve months after
out the consent so Of the hss sammission. sn sn
but NO such note shall. in whole or In
soek. ak De or soc ceyytfsnyt. By nny ISSUE s
bonds. notes OF any term or character
or any other evidence OF indebtedness.
power to capitalize any contract FOR
sue any bonds. notes or other evidences
OF Indebtedness as a lien thereon with
ont the consent Of the commission.
to authorize the capitalization OF the
right to be a corporation. or to au-
chise or permit whatsoever or the
right TO own. operate or en1oy any
the amount exclusive OF any tax or
annual chargo) actually. paid to the
er tbereo tbs ooonid oo,iitdsa s1bdIvisiSn
right
tc) The commission shall have tho
power to require public utilities to ac-
count for the disposition OF the pro-
ceeds of all sales OF stock and stock
certificates. and bonds, notes and 9th
er evidences OF indebtedness. in such
visabie. and TO establish such rules
and regulations ms Il NAV deem rea-
sonhble and necessary to Insure the
disposition OF such proceeds for the
purpose or purposes specified In the
order.
fd) All stock and every stock cer-
Itificate. and every bond. note. or 9TH
err evidence OF indebtedness. OF a pub
lie utility. issued without an order of
the commission authorizing the same
then In effect shall be void. and like
wise all atack and avery afnclx cerfIfl-