Gunnison news-champion., 1914-10-23

ths s.<flse - th~ s.'.or--..r, a., $50. =. =.
ths F~srth ass sr 1sn~ A = f1Is =
~. s-,so.,.. = !" ...,.,
loasa y ~'fction ! % Artiuss :
o ne Constitution 90 the state O.
ee,' s.ss. sres.a.a@ ssl sss ss'I.-sls. .
s,n~s~ n3E No 1. Lace 1s1s
ssataoas sacssrres- Nos - ana o.
A. sCT CoScEExISG rlrsI.Ic rra..
fTttss. cr1ATtN@ a ~ sL.sc uTsI..
- rsss Commission rssssst q leGxsl
ITs S-CNhEs A>D ptrtGs Axp
tlh.ti&Ak-fSs CERTAIN AcEs Anx'
FNnTs 0F ACTS ~ coSSLIcE
TftfsEEwIra
$50 s~ctioss - END a. sssss . Col
ss~s to~H
seotion - o. NO rsilroas CORPORA
tieH. street raiIrosa o.ruors ton pspe
Lss corsorstioE. ss- oersof asson. esso-
tten. tesee1 sph corporstson. satar cor !
ssions Of THIS sat shsli henaeferfn n
~i-s aasDoea ef OF encamser the = hos~
or any part of sts railroad. street rail-
road line. pisnt or ssstsn .ecsssary
ties 10 The psbiic. or anv franchise or
ssnmt or ony rishf thsreunacr o. b
sny nseass wbatsssser. dIreot or iadl-
resd. street railroad. lane. piAst or ave
ten, ssm s es ranenlsss or psrmsS or eny
from the commission an order ssthos-
sins so 10 40 EVERY sach ssie.
l-~ss. assignment mortesss. aisposi-
tion. encumbrance. merger or oonsoii=
dation made othar than IN sccoraa nee
silh the order ef the comm ission au-
thor iziHs the same shall be void The
- ~.
mission 10 the exercise % franchise
Of permit under section thirty five fsl
sf th,s act. or the sale, ieass. assign
ment mortgage OF other disoosition or
sncumbrance or q franchise or permit
vnder THE section shall not be con
ssraea e revive or validate any iaosed
eniarse or add 10 the powers or privi-
leses contained IN the ruanf Of ans
,rsnss ssiss or permit. or 20 salve ANY
eonts med shal be construed TO pre-
vent the sale. lease or other diseositien
s,s ~ aps s"S,s ~, .slss h.,,a of s.s.s assf
performs nee Of ito dutIss e the pub
.seh % ana nssi,s sSy y,,is, MI, ssa % essSs, ~
" presumed to have been OF property
~hirh 70 not useful or necessary In the
performance OF it's duties TO the public.
In good faith for value
OBJ No public utility shall hereafter
lur.hess OF acquire. take 81 hold eny
public utilitv, operating under and by
virtue Of the laws OF this State with
out hsyins been first authorized 10 do
90 BY the commission. Every assign
msnt transfer, contract or aRrsement
Tor assignment or transfer or anv
stoct hv or through any person or cor
poration to any CORPORATION. or other
wise. n violation Of any Of the provis-
tons OF this section shall he void and
q no effect. and no such ,rsnsfer shall
ntili,y. Nothing herein contained shall
bs construed 10 prevent the holding Of
stock heretofore lawfully scauired
section 81. al The power of public
Utilities to issue stocks and stock cer-
tNicstee. and bonds notes and other
- idenoee of indebtedness and to cre-
ate liens on their Dropertv situated
within this state ~ q special privilege
the right of supervision. regula tion re-
suction and control Of which is ana
and such power shall be exercised a.
provided by Law and under such rulee
and regulations ~ the commission may
tbi A public utility NAV issue stocks
and stock certificat tes and honda notes
and other svidsnees Of indebtedness
rnonths after the date thereof. for the
follow inG purposes and no others
rsmely For the scauisition Of such
property as ie necessary for the prop
er conduct Of its business or for tie
construction. completion extension or
improyement Of its facilities. or for the
Improvement or maintenance OF ne
service. or for the discharge or Ia wful
refunding Of lite obligations or FOR the
of moneys actually eH
pended from income or from anv 9th
er moneys in the treasury of the pub
lie utility not secured by or obtained
y ON the issue of stocks or stock GER
tifcates. or bonds. notes or other evi-
dences Of Indebtedness Of such public
utility. within five years next prior TO
the filing of an application with the
MT
tion. for any OF the aforesaid pur-
poses except maintenance Of service
applicant shall have kept its accounts
aud vouchers for such expenditures In
such manner as to enable the comma
ston TO ascertain the amount of mon
sys go expended and the purposes Tor
which such expenditures were made
provided. that such public utility. in
sddttton TO the other requirements of
law. shall fret have secured from tn
commission an order authorizing such
tssue and stating the amount thereof
sHd the purpose or PURPOSES to which
the issue or the proceeds thereof are
TO be applied. and that. in the opinion
OF the commission. the money. prop
Tor BY such issue is reasonably re-
auired 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 evil
fsnces Of Indebtedness such purpose or
purposes are not. in whole or in part
. 81
Tenses or to income To enable il to
det srnine whether II will issue such
order. the commission shall hold
hearing and may make such additional
inquiry or Investigation and examine
such witnesses. books, papers doeu-
ments and contracts and REQUIRE the
filling of such data as IL NAV deem of
resistance The commission NAV by its
order grant permission for the issue of
such stocks or stock certificates or
bonds. notes or other evidences OF in
debtedness In the amount applied for
or in lesser amount or not at all and
NAV attach to the exercise Of its per
mission such condition or conditions as
N may deem reasonable and necessary
The commission NAV authorize issues
Cf bonds notes or other evidences of
Indebtedness. less than equivalent to
Or greater than the authorized or sub
scrihed capital stock of public utfl-
ity corporation. and the provisions OF
the statutes of this state in so far as
they contain inhibitiOns against the
e. cation by corporations ~ indie bt ed
ness. evidenced by bonds. notes or 9th
srw iss. IN excess Of their total author
izea or subscribed capital stock shall.
have no appiication 10 public utilities
No public utility shall. without the
consent Of the commiss ION. apply the
Issue Of any stock or stocK certificate
or bond. note or other evidence of in
oebtedness ur any part thereof or anv