Gunnison news-champion., 1914-10-09
10 ~ 10 ; lass lsia

e Eaa 40 q Ia~s ara
t'r.s Eessrre. <os - sua a.
~ Ut l.ssss1ssIsS -. ~ sss.ssr rrr.fr..
l .fa- etkATsSs. : ~ fasl4lr l-arGt.
- ti.s t-s,AsAftsi-I fsIss.-s RIA ~
it~ ff'~ t.t.S sa~ts DIfTFs.S AM
l-ast'NaAE~ss CERTAIN ssrx AN
ltErs 0E acEs ~ coNEIIs-1
Tttt.takw
Sad ssesis.s - sse a. being .s sol
isswa Co. All
svctton %. tas ~ 1silread eorDosa
ioH street railroad rut go a. .,sn ptBe
llne rOf HursstloH. Essss rtsf ifsII "a ion lee
.r.ANt s@i vot = iis'n. t.sissssigoac evrpora
tsof. tei.eragh eosIiaf = mon xaiar sef
porAii"n. % yerspn sabiici 10 the pro
is 'sss of tbs sct. snan hene-feiff !,
-. @'ss'. "S's- s..e .a..sr .s .,'es
oE anx part vf tts railroad sareet raa
road lsne. plant sessem necessary
OF ns- issl IN The srrfe nance of It's an
ties 70 the paslic. or nav ffanchsso o.
Detnaf or anE rtGhl Hereunder or bs
shS nnsns whstseeser sifect OF md
rond street raiiroad tine. plant or svs
ten. o. tranchises permits or anV
Dart th.leot v ith sne other pnbiar
NiliA. without nsNiua firsf secured
frvn ~. commission an oraer snthor
izinE Z SO 10 De. t.verV such sa,s.
~ tttt1tH~+f " Ntftrfft
aati i'lr made othssF than 80 acrordanre
VIII the order OF the commisrion ata-
tho 1sns the same shall be vcid The
p.rntsslcn and spprpsa al Of thu com
mission to the exercise ef franc b iee
or permit under section fhirrv tive "a D
Of this act. or tn. sale. lease. assign
niefst mortgage other disposiffslu Or
.ncunlhr ance oF franchise or pcrmtt
ruH'f thss sectt"n shah not he con
sfrund 10 revive or validate ann lapz.d
o. invalid frsnchis. or permit OF to
.uierEe or add to the powers or privi-
fegas contained Ia the grant Of auv
ftrieaure. Nothing in this subsacf on
epfiaiudd shall he construed 10 pre-
feIh The sale. lease Of other disposit ion
Mated W this sssbsection Of propertv
which Is not necessary OF useful In the
ptriormance Of its dut,es to the pab
Tic. aud any sale of its property by
sihh public utility shall he conclusive
~ presumed to have been of propert y
hieh is not useful Or necessary In the
performance OF its duties to the public
~ 10 any purchaser Of such property
in good faith for value
tbl No public utility shall hereafter
purchase or acquire. take or hold any
part Of the capital stock Of any other
public utility. operaUnR under ana BY
virtue OF the laws OF this State with
out having been first authorised to do
80 BY the commission Every assign
nent. transfer contract or aGreement
ior sss,enment or transfer or any
stock ey or through any person or cor
poiatten to any corporation. or other
wise In violation Of ANY Of the proyis-
lens OF this section shall be void and
be made on the books of any public
utility Nothing herein contained shall
.s',s se eenstrued TO prevsn, the holding Of
section 81 ta) The power Of public
utiiiiiee to issue stocks and stock Ger
tficates. and bonds. notes and other
evidences OF indebtedness and TO Gre
ate hens on their PROPERTY situated
within THIS state is special privilege,
the right of superv iaion regulation re
striction and control OF which is and
shall continue to be vested In the state
aud such power shall be exercised as
prov Nided by Law and under such rules
aud regulations as the commission may
prescribe
Cbl A public utility NAV issue stocks
aud stock certificates. and bonds notes
sna other evidences of debtednees
payable at periods of more than twelve
months after the date thereof for the
follow tne purposes and others
rsneiy. For the acquisition of such
property as is necessary for the prop
er conduct Of its business or for the
Improvement of its facilities or for the
Improvement or maintenance of it's
service, or Tor the discharge la wful
refundins of it's obligations or for the
endorsement of moneys actually ex-
pended from income or from anv 9th
en- moneys in the Treasury of the pub
lie utility not secured by or ohtaineg
iom the issue of stocks or stock Ger
tificstes. or bonds, notes or other evi-
utility, within five wears next prior TO
the filing OF an application with the
commission for the required suthoriza-
ffon. Tor any OF the aforesaid pur-
poses except maintenance of service
and replacements. in cases " here the
spplicant shall have kept its accounts
ana vouchers for such expenditures in
such manner as to enable the commits
sion 10 ascertain the amount of mon
eys so expended and the purposes for
which eueh expenditures were made
provided. that such public utility. in
sadition to the other require ments of
law. shall first have secured from tn
commission an order authorizing such
issue and stating the amount thereof
aud the purpose or purposes TO which
the issue or the proceeds thereof are
TO he applied. and that. in the opinion
of the commission. the money. prop
erty or labor 20 be procured or paid
Tor by such issue is reasonably re
ouired for the purpose or purposes
0pecified in the order. and that except
~ otherwise permitted in the order in
the case Of bonds. notes or other evi-
ceuces OF indebtedness. such purpose or
purposes are not. In whole or in part
penses or TO income, To enable il to
determine whether il will issue such
order. the commission shall hold a
hearing and may make such additional
inquiry or inyestigation and examiue
such Witnesses books papers docu-
ments and contracts and REQUIRE the
Filling of such data il NAV deem of
assistance The commission NAV bv it's
order grant permission for the issue of
such stocks or stock certificates. or
bonds. notes or other evidences Of in
sebtedness in the amount applied for
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 fhan. equivalent to
or greater than the authorized or sub
scrIbsd capital stock of public uttl-
tty corporation. au4 the provisions Of
the statutes Of this state. in SO far as
they contain iHhibitions against the
creation hy cor poratt0us Of indie ut ed
ness. evidenced by bonds notes or 9th -
erwise. in excess of their total author
izea or subscribed capital stock shall
have no application to public utilities
No public utility shall. without the
consent Of the commission. apply the
issue Of any stock or stock certificate
bond. note or other evidence Of in
debteduess or anv part thereof or anN
proceeds thereof TO anv purpose
not specified in the commissions or
der. or TO any purpose specified in
the commissions order in excess
Of the amount author zed Tor
such purpose or issue or dispose OF
the same on any terms less favOra BILE
than those specified in such order. or
a notification thereof a uublic util-
ftv NAV issue notes Tor proper pur-
roses and not In violation Of any pro