Gilpin observer., 1914-10-29

4. TeTs s,,31,S made pr9Sy,t.a:a, Il that svsh pub
cured from the eommission n an order
authorizing such Issue and stating the
.mount thereof and the, purpose or
That, in the opinion of the cemmission. lon
u pad fdy by snaS sor to 1s
-sr purpose. specified in in the S order and and
the order in the case Of bonds. notes
or other evidences of indebtedness.
MSa. rs o in
some, Te enable ie'"se' il to determlne DE- 70 Inc
commission shall hold hearing and
may make such additional inquiry or
'lnvestisation. and examine such wit.
such data as It may deem Of assist
der grant permission for the issue of
such stocks or stock ceTtificates or
In the amosnt appieS for
or in lesser amount. or not at all. and
may attach to the exercise of its per.
It may deem reasonable and necessary.
The commission may authorize issues
indsStsdness ] is less " than. eF esuivaiens ey to to
or greater than the authorized or sub
ecribed capital stock of public util.
the statutes of this State. in so far as
they. contain inhibitions against the
ness evidenced by bonds, notes or 9TH
.erwise, in excess of their total author
lied or subscribed capital stock shall
No public utility shall. without the
consent OF the commission. apply the
,or bond, note or other evidence of in
'debtedness; or any part thereof. or any
oe,t,ds npoeeeds thersof, to any pnrpose not
missions order in. excess of the
or Issue or dispose of the same on any
terms less favorable than those speci :
% fled IN such b,ir oTder r,,i,v or modification
violation Of any provision OF. this act
Of not more than twelve months after
the date of issuance of the same. with
Su, the ,,,sS consent Of, Of the e6Smm,iss!on.
stocks or stock certificates. or Of
or any other evidence Of indebtedness.
without the consent ,f 81 the &C commits.
po~er no so us'y any
Consolidation, lease or merger. or Is
sue any bonds. notes or other evidences
out the consent of tho commission.
The commission shall have no power
right to be a corporation. or to. au-
'thorize the capitalization of any fran
chise or permit whatsoever or the
right to own. operate or enjoy any
such franchise or permit. in excess of
tho amount exclusive Of any tax or
State or to political subdivision
thereof as the consideration for che
grant of such franchise. permit or
right.
(c) Tho commission shall have the
power 20 require public utilities to ac-
count for the disposition of the pro-
ceeds of all sales of stock and stock
certificates. and bonds. notes and 9TH
er evidences of Indebtedness. in such
form and detail as It may deem ad-
and regulations as 1t NAV deem rea-
sonable and necessary to insure the
disposition Of such proceeds for the
purpose or purposes specified In the
ID All stock and every stock GER
er evidence of Indebtedness. of pub
lie utility. issued without an order OF
then the in effect shall be void. and like.
wise all stock and every stock certin.
cate. and every bono. note or othe,
utility. issued with the authorization
OF the commission but not conforming
any. which 1t is required by the or
der of authorization of the commission
to contain. shall be void: but no fail
with the terms or conditions of the or.
der of authorization OF the commits
stock certificate. or any bond. note oil
other evidence of Indebtedness. except
as TO corporation or person taking
the same otherwise than in good faitf
and for value and without. actual no
tice.
(e) Every public utility which. di
rectly or indirectly. issues or causes {,
cate. or bond. note or other evidenc,
Of indebtedness. In nonconformity will
ing the same. or contrary to the pro
visions of this act. or OF the constltu
tion of this State. or which applies th
proceeds from the sale thereof. or an,
part thereof. to any purpose other thai
the purpose or purposes specified II
the commissions order. as herein pro
vided. or to any purpose specified fl
the commissions order in excess of tn
amount in said order authorized 10
such purposes. is subject to a penalt!
OF not more than twenty thousan,
dollars for each offense
~ Every officer. agent or employs
of public utility. and every othe
rects. aids in issuing or executes. o
causes to be Issued or executed an,
stock or stock certificate, or bond. not
non-conformity with the order of tn,
commission authorizing the same. o
or OF tho constitution OF this S STATE ate
or who. In any proceeding before tn,
eommission. knowingly makes an,
with knowledge Of its faisity files OF
causes to be filed with the commits
sion any false statement or represent
alton. which said statement or repre-
sentntion SO made: filed or caused I,
be filed may tend in anv way to influ
ence the commission to make an order
authorizing the issue of any stock OF
stock certificate. or any bond. note OF
other evidence OF inde edness oI
which results in procuring from tn,
commission tho making OF any suct
order, or who. with knowledge thai
any false statement or representation
was made to the commission. in an,
proceeding. tendin~ in anv way to In.
fluence the commission to make such
an order. issues or executes or negoti.
Rtes. or causes to be issued. executed
or negotiated any such stock or stock
certificates. or bond. note or other evi.
dence of indebtedness. or who. dircctl,
or Indirectly. knowingly applies. OF
caI mr. Sala tn ha ntalI Iad fla..ra rla-