Gilpin observer., 1914-10-22

authorizing such issue and stating the
s,,rmn.s. amount thereof and the purpose %. 2.
the eos opnlon Of = the he hna
saPeo Ppa f by Such ssSo to .
reasonably required for, the purpose
e.espt as IN
the order in the case OF bonds. notes
or other evidences of Indebtedness.
whole or in part reasonably charge
able to operating expenses or to IN.
Whesh.r L viii hnos ISSUE such order. iermhs the
soTmlssiIon n shall held hearing and
invsstisation. i o and % examine y such Wit T.
CONTRACTS t and REQUIRE the filing Of
der. grant permission for the issue Of
bonds, note. or other evidences Of in.
debtedness in the amount applied for,
n as to ss es ns at ot f t
mission such condition or conditions as
Ths may maY
of bonds. notes or other evidences Of
Indebtedness. less than, equivalent to
seribed capital stock Of a public utii:
aty corporation. and the provisions of
they contain inhibitions against the
creation by corporations of Indebted
@ sy Of ns tosa s%e
lzed or subscribed capital stock. shall
have % NO application to public utilities
consent of the commission. apply the
issue Of any stock or stock certificate.
debtedness: or any part thereof. or any
proceeds thereof. to any, purpose not
to any purpose specified in the 1et; COM n
in ssss of 5ns
terms less favorable than those speci.
fled In such order. or q modification
violation Of any provision OF this act
than tReve months at sssss1 sf9s1
the date of issuance of the same. with
SS S na the sueS nsss Of the n %Soe
stoeks or STOCK csytifieates, ,'Soe or OF OF
or any other evidence Of Indebtedness.
without the nrS,n SEnsent ,,,f Sf the e1mmis.
power to capitalize any contract Tor FOR
consolidation: lease or merger. or is
OF Indebtedness % as a lien 1.-THE thereon with. with
out the consent of tho commission.
The commission shall have no power
thorize the capitalization OF any fran
right to own. operate or enjoy any
such franchise or permit. in excess OF
State or to political subdivision
Of as saes es 9 t6s
Fight. ' mss ''' u
(c) The commission shall have the
power to require public utilities to ac-
ceeds of all sales of stock and stock
certificates. and bonds, notes and 9th
form and detail as it may deem ad-
visa visable and 1t, to establish such such rules
IN IN fpa thA
disposition of such proceeds for the
purpose or. purposes specified in the
(d) All stock and every stock GER
tificate. and every bond. note. or 9TH
lie utility, issued without an order Of
the commission authorizing the same
then the. In, In effect effect shall be void; and Ike .,
evidence of Indebtedness. Of. public
utility. issued with the authorization
of the commission but not conforming
in its provisions to the provisions. IL
der of authorization of the commission
to contain. shall be void: but no fall
der of authorization of the commits
sion shall render void anv stock or
other evidence of Indebtedness. except
as to a corporation or person taking
the same otherwise than in good faith
and for value and without actual no.
tice
te) Every public utility which. di-
rectly or indirectly. issues or causes to
cate. or bond. note other evidence
of indebtedness. in nonconformity with
the order of the commission authoriz-
ing the same. or contrary to the pro-
visions Of this act. or Of the constitu-
tion OF this state. or which anplies the
part thereof. to any purpose other than
the purpose or purposes specified in
the commission's order. as herein pro-
vided. or to any purpose specified in
the commissions order in excess of the
amount in said order authorized for
such purposes. is subject to a penalty
OF not more than twenty thousand
dollars for each offense.
~ Every officer. agent or employee
of public utility. and every other
person who knowingly authorizes. di-
rects. aids In issuing or executes or
stock or stock certificate. or bond. note
or other evidence OF Indebtedness. in
non,sGnformity ,,9I.,oI with the order OF the
eP Of ihs constisution oe Of I this Hs stafe. afs
Commission. knowingly makes any any
false statement or representation or
causes to. be filed with the commis.
sion any, false statement or represent
sen,a,on so made iemem fiea or CAUSED or rePrs to
be filed may tend In anv way to influ-
snee the commissIon to make an order
other evidencs OF IND indebtedness. f .S.e or or
which results in procuring from the
commission tho making OF any such
order. or who. with knowledge that
any false statement or representation
was made to the commission. In any
proceeding. tendin~ in anv way to in
fluence the commission to make such
an order. issues or executes or negotl-
ates. or causes to be issued. executed
or negotiated any such stock or stock
certificates. or bond. note or other evil
dence OF Indebtedness. or who. directly
or indirectly. knowingly APPLIES. or
cecds or any part thereof. from tho
sal. of any stock or stock certificate.
tr bond. note or other evidence OF In
cebtedness. to any purpose not speci-
fled In the commissions order. or to
any purpose specified In tho commits
sions order In excess OF the
amount authorized for such pur