The Elbert County tribune., 1914-10-23
senats Bill No. I. Laws 1913.
Sections Referrad-Nos az .oA -

~
Sections Referred-Nos. s6 and ~.
AN ACT CONCERNING PUBLIC urIr.-
ITIEs. CREATING A PUBLIC UTIL-
ITIEs CoMMI-sIoN. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEATING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
THEREwITH.
Said Sections as and ~ being a. fol-
lows. to-wit:
Section ss- (a) No railroad corpora
line corporation. gas corporation. cleo
trical corporation. telephone corpora
tion. telegraph corporation. water cor
visions OF this act. shall hencsforth
sell. lease. asx.xn. mortgage or other
or any part of Its railroad. street rail- rail-
road. line, plant or system. necessary
or useful In the performance of its du-
permit or any right thereunder. or BY
any means whatsoever. direct or indi-
nssss msss O. psn. is rail-
tenn. or franchises or permits or any
part thereof. with any other public
from the commission an order author
lease. assiknnsnt. mortsaEs. disposi-
dafion made other than in acoordanos
with the order of the commission au~
thorizinE the same shall be void. The
mission to the exercise of a franchise
or permit under section thirty five fa)
msnt. mortxaee c. other disposItion or
sncumbrance or franchise or permit
under. this section shall not be con.
or invalid fraechise or permit or to
enlarge or add to the powers or privi-
psrm as TO M.y. Of
forfeiture. Nothing in this subsection
contained shall be construed to pre-
BY any public u.Iity of a class desiE-
mated in this subsection of property
which is not NECESSARY or useful In the
lie, and any sale of Its property by
such public utility shall be conclusive
w y hh R5esumsd nns ,I to have been Of property
performance OF its duties to the public.
- to any purchaser OF such property
.(b) No public Utility shall hereafter
purchase 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 sy by the % %commIssion. Every assign.
stock by or through any person or cor
wise. wis in Violation Of ar any y' Of the ppovis- %
OF no effect. and NO such transfer shall
be made on the books of any public
utility. Nothing herein contained shall
be construed to prevent the holding of
saeton rse nSwsr OF eab,c
utilities to issue stocks and stock cer-
tificates- and bonds. notes and other
ate liens on their property situated
within this state is special privilege.
ssdti the right Of superyision regulation. re;
and such power shall be exercised as
wxrr t<Ir<1 1xxr a. r.~I -..r-
s1d regulations as the commission may
and a. pas ssy anS sosss sss:
and other evidences of indebtedness
payable at periods Of more than twelve
following purposes and no others.
ramely: For the ACQUISITION of such
property rS,,s as is necessary ne % for the prop
c9nstruction. compietion. extension or
Improvement of its facilities. or for the
y y,c prcvsmeIt IT, OF r. maintenance Of j.,
refunding of its OBLIGATIONS or for the
reimbursement of moneys actually ex-
or moneys in the treasury OF the Dub
lie utility not secured by or obtained
rom the issue of stocks or stock cer-
dences of Indebtedness OF such public
utility. within five years next prior to
the filing Of an application with the
tion. for any of the aforesaid pur-
poses except maintenance of service
applicant shall have kept its accounts
and vouchers for such expenditures In
such manner as to enable the commits
sys so expended and the purposes for
which. such expenditures. were made:
provided. that such public. utility. in
pddition to the other requirements of
law. shall first have secured from tbs
commission an order authorizing such
Issue and stating the amount thereof
and the nuTn0a0 n which
the issue or the proceeds thereof are
to be applied. and that. in the opinion
erty or labor to DO procured or paid
for by such issue Is reasonably re-
quired for the purpose or purposes
a. otherwise permitted In the order in
the case of bonds notes or other evi-
purposes are not. in whole or in part.
reasonably charReable to operating ex-
psnses or to income: To enable it to
order. the commission shall hold a
bearing and may make such additional
inquiry or investigation. and examine
ments nusn ana Contracts % and dsi reasire 0fa the
filling OF such data as IL may deem of
order grant permission FOR the @ issue w of of
such stocks or stock certificates. or
bonds. notes or other evidences of in
or in lesser amount. or not at all. and
may attach to the exercise Of Its per-
mission such condition or conditions as
Il may deem reasonable and necessary
The commission may authorize issues
of bonds. notes or other evidences of
indebtedness. less than. equivalent to
or greater than the authorized or sub
scribed capital stock OF public util-
ity corporation. and tho provisions of
the statutes o< this State, in so far as
they contain inhibitions against the
creation by corporations of Indebted
ness. evidenced by bonds. notes or 9TH
srwise. in excess OF their total author
lied or subscribed capital stock sha1s
have no application to public utilities
No public utility shall. without the
Issue Of any stock or stock certificate.
or bond. note or other evidence of in
debtedness. or any part thereof. or any
proceeds thereof. to anv purpose
not specified in the commissions or
der. or to any purpose specified in
the commission'cs order in excess
such purpose. or issue or dispose of
the same on any terms less favorable