The Elbert County tribune., 1914-10-09

Indebtedness a. = lien thereon without
the consent Of the commission. The
cemmission shall have no power to au-
to be corporation or to authorize
the , cspltali.ation 1t, Of any franchise or
operate or enjoy any such franchise or
permit. in excess OF the amount fcx-
elusive of any tax or annual charRe)
iitical subdivision thereof as the con-
sideration for the grant OF such fran
chise. permit or right
tcl The commission shall have the
power to require public utilities to ac-
count for the disposition of the pro-
ceeds of all sales of stock and stock
or evidences of indebtedness in such
form and detail as Il may deem advis-
regulations as 1t may deem reasonable
and necessary to insure the disposition
OF such proceeds for the purpose or
td) All stock and every stock certifi-
cate. and every bond. note. or other
evidence Of Indebtedness. OF public
utility. issued without an order of the
commission authorizing the same then
in effect shall be void. and likewise all
every bond. note or other evidence of
Indebtedness. of a public utility. issued
sion but not conforming in it's pro-
visions to the provisions, IL any. which
II Is Itquiftu Dy tHt OTder Oh 3uInOT-
ization of the commission 10 contain.
shall be void:t butt no failure in any
other respect to comply, with the terms
or conditions of the order of authorIz-
alton of the commission shall render
void any. stock or stock certificate. or
any bond. note or other evidence of in
debtedness. except as to corporation
Or person taking the same otherwise
than in good faith and for value and
without actual notice.
(e) Every public utility which. d.
rectly or Indirectly. issues or causes to
be issued. any stock or stock certificate.
or bond. note or other evidence of in
eebtedness. in non-conformity with the
order of the commission authorizing the
same. or contrary to the provisions of
state. or which applies the proceeds
from the sale thereof. or any part
thereof. to any purpose other than the
purpose or purposes specified in the
commissions order. as herein provided.
comfnission's order. in excess OF the
amount in said order authorized for
such purposes is subject to a penalty
lars for each offense.
(f) Every officer, agent or employee
of a public utility. and every other
person who knowingly authorizes. di-
rects. aids in issuing or executes. or
causes TO be issued or executed; any
or other evidence of Indebtedness in
non-conformity with the order of the
contrary to the provisions of this act
or of the constitution of this State
or who. in any proceeding before the
with Knowledge of it's falsity files or
causes to be filed with the commission
any false statement or representation
which said statement or representation
so made. filed or caused to be filed may
tend in any way to influence the COM
mission to make an order authorizing
the issue of any stock or stock certifi-
dence of Indebtedness or which results
in procuring from the commission the
making OF any such order. or who. with
representation was made to the COM
mission. in any proceeding. tending in
any way to influence the commission
to make such an order. issues or exc
cutes or negotiates or causes to be
ssSed stoe ekeegted tos or any
bond. note or other evidence of indebt-
edness. or who. directly or Indirectly.
to be applied the proceeds or any part
thereof. from the sale Of any stock or
stock certificate. or bond. note or other
pose not specified in the commissions 8
order. or to, any purpose specified in
amount authorized for such purpose,
or who. with knowledge that any
or oe Other G s Evidence Of indebtedness. % mas has
been issued or executed in violation of
any OF the provisions of this act. nego-
tiates or causes the same to be ncgo-
tiated. shall be guilty of felony. and
punished accordingly.
M ANo pToNlSion OIL LnlB ACT. ana no
deed or act done or performed under
or In connection Herewith shall be
held or construed to obligate the State
of Colorado to pay or guarantee. in
rny manner whatsoever. any stock or
stock certificate. or bond. note or other
evidence of Indebtedness. authorized.
issued or executed under the provis-
ions of this act
(h) All stocks and stock certificates,
and bonds. notes and other evidences
of Indebtedness issued by any public
utility after this act takes effect upon
the authority of any articles of incor-
poration or amendments thereto or vote
of the stockholders or directors filed.
taken or had. or other proceedings
taken or had. previous to the taking
effect of this act. shall be void. unless
an order OF the commission authorizing
the issue of such stocks or stock GER
tificates, or bonds. notes or other evil
dences of indebtedness shall have been
obtained from the commission prior to
such issue. The commission may by
its order impose such condition or con-
ditions as 1t may deem reasonable and
necessary.
In Testimony Whereof, have here
unto set my hand and affixed the
Great Seal of the State of Colorado.
at the City of Denver, this twenty
sixth dav of September. A. d. 1914.
JAMES B. PEARCE
(SeaD Secretary of State.