The Elbert County tribune., 1914-10-09

construed to prevent the sale, lease er
other disposition by any public utilfty
or useful IN the performances Of its du-
property pro- r. I BY % sueS pub paSlie @ utiiity shall
be conclusively presumed to have been
srs nsn " e. Hs
| ties TO tho public. as to any purchaser
Of such property In good faith for
lb5 No public utility shall hereafter
purchase or acquire take or hold. anv
public utilitt operating undor and by
virtue Of the laws Of this Stale. with
4 do no by the commission. Every as
signment. transfer. contract or agree
\ mont for assignment or transfer OF
or. cooperation to any Corporation. or
rtnsTwIse rrnsIsians ~ n XXI, Sioati9n OF any of ths
and OF. no effect. and no such transfer
shall be made on the books. OF any
tsinsd I shall Be- construed % to sa prevent % eh.
holding, OF stock heretofore lawfully
seetion 81. ta) The power OF public
utilities to issue stocks and stock ccr-
evidences OF indebtedness and to cres
ate liens on their property situated
the right.o of supervision. regulation. re-
| striction and control OF which Is and
shall continue to be vested IN tho state.
provided by law and under such rules
and regulations as the commission may
OBJ A public utility may Issue stecks
and stock certificates. and bonds. notes
and other evidences OF Indebtedness
months after the date thereof. for tho
following. purposes and no others
properly as IS nccessary for taa prop
er conduct of it's business. or for tn.
| Improvement OF its facilities. sr for
| the Improvement or maintenance OF its
ssar,vlce; So, or Tor the diseharEe or law
the reimbursement of moneys ACTUALLY
expended from income or from any
public utliiiy not secured by OF OBJ.
tained from the issue OF etocIss or
other evidences OF indebtcdness Of such
| public utility, within five years next
with the commission for the required
authorization. Tor any of the afore
said purposes except naintenance OF
| where the applicant shall have kept
it's accounts and vouchers for such ex-
able the commission to ascertain tho
amount of. moneys SO expended and tho
were made; provided. that such pub
lie utility. In addition to the other re-
cured from the commission an order
authorizing such issue and stating the
;,nrnnse. thereof b,sh ana the purpose 2.
| that In the opinion of the commission.
frecured r % Or ide paid tor By " such na9 issue G is
reasonably required for the purpose
or purposes specified in the order, and
| that. except as otherwise permitted In
the order IN the case of bonds. notes
e,,cs or otner nsrns. ss,denees OK indebtedness.
whole or in part. reasonably charge
whelher It will issue such order the
commission shall hold a hearing and
Investigation. and examine such such wit
Iesses books, papers; documents and
such data as 1t may deem OF assist
ance. The commission may by it's or
der grant permission, for the issue OF
such stocks or stock certificates, or
bonds. notes or other evidences of In
debtcdness in the amount applied for.
may attach 70 the exercise Else d, its It's psr ama
mission such condition or conditions A.
The commission may. a,ithorize Issues
of bonds. notes or other evidences OF
or greater than tho authorized or sub.
scribed capital stock q public util.-
ity e9rTporatiog. TS and the provisions Of
crsstion BY cerporations of ind.btsd- sd
erwss Ia eseess Of ene toss autoa or Sa
lied or subscribed capital stock shall
public nisy sSa e preIf Mthous Ssts x.
issue q any stock Or stock Certificate.
proceeds thereof. to any purpose not
to. any purpose specified in the COM
missions order in excess of the
or issue or dispose of the same on any
terms less favorable than those specf-
II such paSc Srssc sfty ct sr s.s.
violation Of any provision OF this his act q
not than t@elvs yas's month"; a. Dsaa2sr afssr
the date OF issuance OF the same. with
but no such note shall n sIm'ss.0n; whole or r.
oex. pars be or refanasd atoe BY any issue q
without the consent Of thee the commis. ssens.
power to. capitalize any contract for
consolidation. lease or merger. or Is
Of indebtedness a lien thereon win.
out the consent OF the commission.
to authorize the capitaIizatiom or p'w tSs
right to, be corporation. or to au-
thorize the capitalization of any fran
chise or permit whatsoever or the
such franchise or permit. In sesS excess Sa *
annual charge) actually. paid TO the
Sta.e or TO political subdivision
grant OF such franchise. permit or
| right
tc) The commission shall have this.
power 70 require. public utilities to .ac-
ceeds of all sales OF stock and stock
| certificates. and bonds. notes and 9TH
er evidences of Indebtedness 4fn such
form and detail as 1t may deem ad-
visable. and to establish such rules
and regulations as II NAV deem rea-
sonable and necessary 70 insure the
disposition of such proceeds for the
purpose or purposes specified In the
| order.
(d) All stock and every stock GER
tificate. and every bond. note. or 9th
1 err evidence OF indebtedness. of pub
lie utility. issued without an order OF
the commission authorizing the same
then ina, effect shall be void and like