Gilpin observer., 1914-10-08

such public utility shall be conclusive
which is not useful or necessary in the |
performances of its duties to the public.
;s to any purchaser. of such property |
OBJ No public utility shall hereafter \
or acquire. take or hold. any |
part of the capital stock of any other
public utility. operating under and by |
virtue of the laws of this State, with |
out having been first authorized to do
90 by the commission. Every assign
for assignment or transfer or any
stock by or through any person or cor
wise, in violation of any of the provis-
ions of this section shall be void and
Of Of no % effect; and no such transfer shall
utility. Nothing herein contained shall
be construed TO prevent the holding of
Section 81. (a) The power of public
utilities to issue stocks and stock GER
tifiisates and bonds. notes and other
ate liens on their property situated
within this. state is a special privilege.
striction and Control OF Which is and
shall continue to be vested in the State
and such power shall be exercised as
and regulations as the commission may
prescribe.
OBJ A public utility NAV issue stocks
and other evidences of indebtedness
payable at periods of more than twelve
ramely: For the acquisition of such
p~roperty ~ as Is necessary for the prop
construction, completion. extension or
Improvement of its facilities or for the
Improvement or maintenance of its
service, or for the discharge or lawful
refunding of it's obligations. or for the
of moneys actually ex-
er moneys in the treasury of the pub
lie utility not secured by or obtained
y ON the issue of stocks or stock GER
tificates. or bonds. notes or other evil
dences of Indebtedness of such public
utility. within five years next prior to
the, the riiing Of an application with the
ton. for any of the aforesaid pur-
poses except maintenance of service
applicant shall have kept it's accounts
and vouchers for such expenditures 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. We're made:
addition to the other requirements of
law. shall first have secured from tbs
commission an order authorizing such
and the purpose or purposes to which
the issue or the proceeds thereof are
of the commission. the money. prop
for f. by such issue is reasonably re-
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
are not in whole or in part.
reasonably chargeable to operating ex-
determine whether it will issue such
order, the commission shall hold
hearing and may make such additional
inquiry or investigation. and examine
such witnesses. books. papers. docu-
ments and contracts and require the
m nv 70
order grant permission for the issue of
such stocks or stock certificates. or
debtedness in the amount applied for. |
or in lesser amount. or not at ALL and |
may attach s to the exercise Of It's per.
i may deem reasonable and necessary |
The commission may authorize issues |
Of bonds. notes or other evidences of |
less than. equivalent to |
or greater than the authorized or sub
scribed capital stock of a public util-
the statutes of this State. in so far as |
they contain inhibitions against the |
ness, evidenced by bonds notes or 9TH
erwse. in excess of their total author
zed or subscribed capital stock shall,
No public utility shall. without the
consent OF the commission. apply the
s. sspe n Of any stock or stock certificate.
iebtedness, or any part thereof. or any
proceeds thereof to any purpose
Ter, or to any purpose specified in
I the amount authorized s''sor sor
Se on any terms less Gr
han those specified in such order. or
, modification thereof A public util-
'oses and not in violation of any pro-
'ision of this act or any other act. pay
months after the date of issuance of
he same. without the consent of the
commission. but no such note shall. in
ssue of stocks or stock certificates. or
II bonds. notes of anv term or charac-
er or any other evidence of Indebted
mission. No public utility shall have
'ower to capitalize any contract for
ny bonds. notes or other her. evidences @ m esso of
he consent of the commission. The
commission shall have no power to au-
horize the capitalization of the right
o be CORPORATION. or to authorize
he n rss, capitalization It OF any franchise or
perate or enjoy any such franchise or
,ermit IN excess of the amount tex-
ctually paid to the state or to a po-
itical subdivision thereof az the con-
Iteration for the grant of such fran
hise. permit or right.
tc) The commission shall have the
over to require public utilities to ac-
eeds Of ali sales of stock and stock
ertifcates. and bonds. notes and 9TH
r evidences OF Indebtedness. in such
orm and detail as 1t may deem advis-
BILE. and to establish such rules and
equations as II may deem reasonable
nd necessary to insure the disposition
( such proceeds for the purpose or
urposes specified in the order
Cd All stock and every stock certifi-
ate. and every bond. note. or other
vidence of Indebtedness. OF public
tility. Issued without an order OF the
ommission authorizing the same then
. effect shall be void. and likewise all ,
tock and every stock certificate. and
very bond. note or other evidence OF
1debtedness. of n public utility. issued
nth the authorization of the commits
lon but not conforming In Its pro- !,
isions to the provisions. II any, which ..
is required by the order of author ..
.ation of tho commission to contain.
hail be void: but no failure in any !
ther respect to comply with the terms ..
r conditions of the order OF authoriz-
tlon OF the commission shall render
old any stock or stock certificate. or !
ny bond. note or other evidence of in )
ebtedness. except as to a corporation !
r person taking the same otherwise