Gilpin observer., 1914-10-22

performance OF lts 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
performance of its duties to the public.
ss ooa to any pn purchaser cha Of such property
purchase or acquire. take or hold. any
part of the capital stock of any other
rni9e ut ufiiity ,b operatinG 1T , unaer and by
out, having been first authorized to do
so by the commission. Every assign
for assignment or transfer or any
stock by or through any person or cor
poration to any corporation: or other
ions of this section shall be void and
OF no effect. and no such transfer shall
utility. Nothing herein contained shall
be construed to prevent the holding of
stock heretofore lawfully acquired,
utilities to issue stocks and stock cer-
tificates. and bonds notes and other
ate liens on 'us their property e situated it,
within this state is a special privilege.
the right of SUPERVISION. regulation re-
shall continue 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
prescribe.
OBJ public utility NAV issue stocks
and stock certificates. and bonds. notes
and other evidences of Indebtedness
payable at periods of more than twelve
months after the date thereof for the
ramely: For the acquisition of such
property pr ei, as is Is necessary . for the prop
construction completion. extension or
Improvement of it's facilities. or for the
Improvement or maintepance of it's
service. or for the discharge or lawful
reiunding of its obligations. or for the
reimbursement of moneys actually ex-
pended from income or from any 9TH
lie utility not secured by or obtained
nom the issue of stocks or stock GER
tificates, or bonds. notes or other evil
dences of Indebtedness of such public
utility. within five years next prior to
commission for the required authoriza-
ton. 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
sion to ascertain the amount of mon
eys SO expended and the purposes for
which such expenditures were, made:
addition to the other requirements of
law. shall first have secured from the
issue and stating the amount thereof
and the purpose or purposes to which
the. issue or the proceeds thereof are
of the commission. the money prop
erty or labor to be procured or paid
Tor dor by such issue is reasonably re-
specified in the order. and that, except
as otherwise permitted in the order in
dences of Indebtedness. such purpose or
purposes are not. in whole or in part.
d to
determine whether 1t will issue such
order. the, commission shall hold a
hearing and may make such additional
inquiry or Investigation. and examine
such witnesses. books, papers, docu-
ments and contracts and require the
m pf
assistance. The commission may by its
order grant permission for the issue of
bonds. notes or other evidences OF in
debtedness in the amount applied for.
or Ud,m IN Lesser lesser AMOUNT: or not at All. and
mission such condition or conditions as
II 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
the statutes of this State in so far as
creation by corporations of Indebted
ness evidenced by bonds. notes or 9TH
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
de6ted5ess., or any part thereof. or any
not specified in the commissions or
der der or to any purpose specified in
ae OF sSe amount 0rasf II sor
the same on any. terms less favorable
u modification thereof. A public util-
ity may issue notes for proper pur-
Vision OF this act or any other act, BAY.
able at periods of not more than twelve
months after the date of issuance of
hn ana. MI u
commission. but no such note shall, in
whole or In part be refunded by any
issue of stocks or stock certificates, or
ter or any other evidence of Indebted
ness. without the consent of the COM
power to capitalize any contract for
consolidation lease or merger. or issue
any bonds. notes or other evidences of
the consent Of the commission. The
commission shall have no power to au-
to be a corporation. or to authorize
the Capitalization of any franchise or
permit whatsoever or the right to own.
permit, In excess of the amount fex-
elusive OF any tax or annual charge)
sideratioG for the grant of such fran
chise, permit or right.
(c) The commission shall have the
power to require public utilities to ac
count for the disposition of the pro-
cteus OF all sales OF stock and stock
certificates and bonds. notes and 9TH
cr evidences of Indebtedness. in such
form and detail as 1t may deem advis-
able. and to establish such rules and
regulations as IL may deem reasonable
and necessary to insure the disposition
OF such proceeds, for the purpose or
purposes specified in the order.
(d) All stock and every stock certifi-
cate. and every bond. note. or other
evidence OF Indebtedness. of n public
utility. issued without an order OF the
commission authorizing the same then
in effect shall be void. and likewise all
stock and every stock certificate and
every bond. note or other evidence of
Indebtedness. of n public utility. issued
with the authorization of the commits
sion but not conforming In Its pro-
!, is r.a,,,rnd v ,ha nsd,ar nsSthr NY Whlvn
ization OF tho commission to contain.
shall be void: but no failure In any
other respect to comply with the terms
or conditions of the order OF authoriz-
alton of tho commission shall render
void any stock or stock certificate. or
nnN bond note or other eYllonce of In