The Elbert County tribune., 1914-10-09
Senate Bill No. 1. Laws 1918.

Senate Bill No. /. Laws 1918
Sections Referred-Nos. So and 81
AN ACT coNcERNING PUBLIC uTI1.-
ITIEs. CREATING a PUBLIC UTII.-
ITIES COMMISSION. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEALING CERTAIN ACTS AND
FARTS OF ACTS IN CONFLICT
A THEREwITH
Said Sections Sc sad 81 being as fol-
lows. to-wit:
Section sc. ta) No railroad corpora
tIon. street railroad corporation pine
line corporation. gas corporation. eiec-
trIcal corporations telephone corpora
Visions OF this act. shall henceforth
wise dispose of or cucumber the whole
or any part of its railroad. street rail-
or useful in the performance of its du-
ties to the public. or anv franchise or
any means whatsoever. direct or indi-
rect, merge or consolidate its rail-
tenn, or franchises or permits or any
utility, without having first secured
izing it SO to do, Every such sale.
lease. assignment. mortgage. disposi-
tion. encumbrance. merger or consoli-
dation made other than in accordance
with. the order of the commission au-
thorizing the same shall be void. The
permission and approval of the COM
mission to the exercise of a franchise
or or Permit per- under & section s9 thirsyrflys Ga,
ment. mortgage or other disposition or
encumbrance or a franchise or permit
under this section shall not be con-
strued TO revive or validate any lapsed
or. invalid franchise or permit or to
lcges. contained IN the grant of any
franchise or permit. or to waive any
contained shall be construed to pre-
vent the sale lease or other disposition
nsted ahS IN ths 9 OF etass preesrv esf
which is not necessary or useful in tho
performance of its duties to the pub
lie. and any sale of its property by
such public utility shall be conclusive
ly. presumed to. have been of property
which is net useful or necessary in the
performance OF it's duties to the public.
&c 10 any purchaser of such property
tbl No public utility shall hereafter
purchase or acquire. take or hold. any
Public utility. operating under s and Uiney by
virtue of the laws of this State. with
out !, having been a,,, first authoriEed to do
Tor assignment or transfer or any
poration to any corporation. or other
wise. in violation of any. of the provis-
of no effect. and no such transfer shall
be made on the books of any public
be construed to prevent % e'In the holding Stif Of
stock heretofore lawfully acquired.
Section 81. ta) The power of public
tificates. and bonds notes and other
evidences of indebtedness and to ere
Within this. state is special privilege.
the right of supervision. regulation. re-
shall cbntinue to be vested in the State.
and such power shall be exercised as
provided by law and under such rules
and regulations as the commission may
(,b) A public utility may issue stocks
and stock certificates. and bonds notes
and other evidences of Indebtedness
afss the date for tSe
foilowins fsS;l rDu purposes ,s,., and no others.
property as Is necessary for the prop
er, conduct of its business or for the
coSStruction. completion. extension or
Improvement or maintenance of It's
service, or for the discharge or lawful
reimbursement of moneys actually ex-
pended from income or from any 9TH
c nsy not m ths Sy of of ths Pne
HIom the issue of stocks or stock GER
tiflcates. or bonds, notes or other cyl
dences OF Indebtedness of such public
utility. within five years next prior to
the filing of an. application with the
ton. for any Of the Aforesaid pur-
poses except maintenance of service
hnd. .replacements. in cases where the
applicant shall have kept its accounts
and vouchers for such expenditures in
sion to ascertain the amount Of MON
eys so expended and the purposes for
which such expenditures were made:
provided. that such public utility. in
addition to the other reouirements of
law. shall first have secured from ths
issue and stating the amount thereof
and the purpose or purposes to which
to be applied. and that. in the opinion
OF the commission. the money. prop
Sy aSeh IS ssns be Is Dad
quired for the purpose or purposes
specified in the order. ana that except
as otherwise permitted in the order in
the case of bonds notes other evil
dences of Indebtedness. such purpose or
reasonably chargeable to operating ex-
penses or to income; To enable 1t to
order. the. commission shall hold a
hearing and may make such additional
inquiry or Investigation. baaIi. and examine
ments and contracts and REQUIRE the
filling of such data as It may deem of
assistance. The commission may by its
order 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 conditions as
it may deem reasonable and necessary
of bonds. notes or other evidences OF
indebtedness. less than. equivalent to
or greater than the authorized or sub
scribed capital stock of a public uti1-
ity corporation. and the provisions of
the statutes of this State. in SO far as
they contain inhlbitions against the
creation by corporations of indebted
ness. evidenced by. bonds. notes or 9TH
erwise, in excess of their total author
ized or subscriber 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.
debtedness. or any part thereof. any
proceeds thereof. to any purpose
not specified in the commissions or
der. or to any purpose specified in
the commissions order in excess
of the amount authorized for
such purpose. or issue or DISPOSE Of