The Elbert County tribune., 1914-10-30

g eonserusd tiu to % prs1snt the sale, issss -
othsr dispssltion By any public utility
q S e'..s !. II nos sss
Ct cru useful IN the psrformsnes q its ds-
sa:s se As sy .SaS uts ha
4. me- s,ai e nivs bee. Sss
Of such property in good faith for
tSl No public utility shall Hereafter
Virtue of the laws Of this State. With
do o' 80 % 6y The commission. Every as
signment. transfer. contract or agree
sns ng stock deE ss * srouss
or corporation TO any corporation. or
II seetoS of .ha be- ef voS
and. Of no effect. and no such transfer
shall be made on the books OF any
holding, Of stock hsrstofors lawfully
Sssiion a. g, The power .;a, Of publ.
evidences Of Indebtedness and to cree
ate liens on their property situated
shln shs ssass u
striction and control of which Is and
shall son continus to . be vested t In the s5at.;
provided by law and under such rules
and regulations as the commission may
and stock certificates. and bonds. note.
payable at periods of more than twelve
months after the date thereof. fo- the
namely: for the acquisition OBJ such
property as Is necessary for the prop
CONSTRUCTION. completion, extension or
Improvement of its facilities. rr for
the Improvement or maintenance Of its
fyl refInding of its obligations or for
the reimbursement of moneys actually
other moneys in the treasury of thu
public utility not secured by or OBJ.
stock certificates. or, bonds. notes or
other evidences Of indebtedness of such
prior to the filing Of an duplication
with the commission for the required
ssd Ios any N sh
service and replacementsS. in cases
where the applicant shall have kept
penditures in such manner az to en-l
able the commission 20 ascertain the4
purposes for which such expenditures
were made; provided that such pub
aIirements a OF law. shall il first have have ss-
cured from the commission an order
and the Darpo.s osans te
purposes to which the Issue or the
ss I'd ss se6sa oeaon of ss s aa
the Or Ppad dsy by .ass sS e
or purposes specified in tho order. and
that. except as otherwise permitted in
or other evidences of indebtedness.
such purpose or purposes are not. in
able to Operating expenses or to- to IN {
come; To enable It to determine
commission @ shall ssos hold a'h hearing rn and
may make such additional inquiry or
investigation. and examine such wit.
such data as It may deem of assist
der 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
mission such condition or rex Conditions a.
Il may deem reasonable and necessary.
Of bonds. notes or A other nOL svidencss ssue q
Indebtedness, less than. equivalent to
capital % .toek oe of psSio or ue
the statutes Of this State. in no far az
ness. evidenced by bonds. notes or 9TH
lied or subscribed capital stock shah
navs M , NO application tS public util:t.ss
consent. OF this commission. apply the
issue , o5 any stock or stock certificate.
debtedn:ss ots Or or any 9'nsr psrt tSsrso Inv
Specified in the commIssion's order. nor or
amount apthorized for such purpose
terms less favorable than % those 81 specf 2
fled In such order. or q modification
notes; for proper PURPOSES and not Ia
violation Of any provision of this act
Sf not mors than aa pssiss:
the date Of issuance Of the same. with
BUT no sueS nefs sSal ths IN %Soe
sissk. 9. stssE esT..fiasSt... ..fHiaSt ,''Ss of &
%ithout the sonssns q 'thSSsDssansis the Commit.
power to capitaii.s any any contract n1 for
consolidation. lease or merger or is-
OF indebtedness as lien thereon with.
out the consent of the commission.
to authorize the capitaiisnfion Of f'w tss
ftghf fbnhix to ,n be ,c;oTpofatIon. or to su-
ehss or rhs psrmt Of any frss
such fssnehiss q permit in 'e3es eses.. sez q
snnuai shsrss5 sotssllS q pals ans to so1 tS. E.
state state or to political subdivision
Fight. Fight. oi 'uen franchise permit or
(c) The commission Snail have the
count for the disposition OF the nro-
ceeds of all sales of stock and stock
certificates. and bonds notes and otf-
form and detail as It may deem adj
visable. and to establish such rules
and regulations as 1t may deem roa-
sonabie and necessary to insure the
disposition of such proceeds for the
order.
I'D All atock and every stock eer-
tificate. and every bond. note, or 9th
er evidence of indebtedness Of a pub
lie utility. issued without an order Of
the commission authorizing the same
wise all stock and every stock certifi.
cate. and every BONG nota or ofhsr