Gilpin observer., 1914-10-08


smount thereof and the purpose or
wssh sn. the To ppes sns ni
that in the opinion of the commission
eaey b% or ,aS to be
Reasonably required for the purpose
or purposes specified In the order. and
or other evidences o: indebtedness
such purpose or purposes are not. in
eem.; Te Tps enable e'"seA Il to determlne DE- 9 in
commission shall hold a hearing and
may make such additional inquiry or
tnysstsssioEn and esa%n. such Wit
such data a. y may deem Of assist-
der 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 AL. and
Il may deem reasonable and necessary.
The commission may. authorize issue.
indebtedness. less than. equivalent to
or greater than the. authorized or sub.
ity Corporation. and the = provisions SVRio s', Of
they contain inhibitions against the
creation by corporations of Indebted
erwise. in excess of their total author
have ne 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
debtednes:; or any part thereof. or any
specified in the commission's order or
uy to any purpose specified in the. com
IpoeE for ssss of 5Ss
or issue or dispose of the same on any
thereof; A public utility may issue
notes for proper PURPOSES and not IN
or any other act. payable at periods
ef not more than twelve months after
the date ibs Of of the same With
but NO such note shall. in whole or in
s.ost. esr.t be refsnasd st"s by issue
or any other evidence Of Indebtedness
sion. No public Unity 'ns shall eH"m,s hase
power to capitalize any contract for
noass
of Indebtedness as a lien thereon with
out the consent of tho commission
to authorize the capitalization of the
right to be corporation. or to au-
chise or permit whatsoever or the
right to own. operate or enjoy any
such franchise or permit. in excess OF
annual charge) actually paid to the
state or to political subdivision
grant of such franchise permit or
right.
tc) 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
certificates. and bonds. notes and 9TH
form and detail as 1t may deem ad-
visable; and to establish such rules
disposition of such proceeds for the
purpose or purposes specified in the
order.
(d) All stock and every stock GER
tifcate. and every bond. note. or 9TH
lie utility. issued without an order of
tho commission authorizing the same
then In effect shall be void. and like
evidence OF Indebtedness. Of a public
Of the commission but not conforming
in Its provisions to the provisions. II
der of authorization of the commissson
to contain. shall be void: but no fall
ure In any other respect to comply
with the terms or conditions of the or
der Of authorization of the commits
sion shall render void anv. stock or
stock certificate. or any bond. note or
other evidence of Indebtedness. except
as to corporation or person taking
and for value and without actual no.
tice.
(el Every public utility which. d.
rectly or Indirectly. issues or causes 10
be issued. any stock or stock certifi-
cate. or bond. note or other evidence
of Indebtedness. in nonconformity with
the order of the commission authoriz-
ing the same. or contrary to the pro-
visions OF this act. or OF the constitu-
tion of this State. or which anplies the
part thereof. to any purpose other than
the purpose or purposes specified in
the Commissions order. as herein pro-
vided. or to any purpose specified in
the commission's order in excess of the
amount in said okder authorized for
of not more than twenty thousand
dollars for each offense.
10 Every officer. agent or employee
of public utility. and every other
reefs. aids in issuing or executes. or
causes to be issued or executed. any
stock or stock certificate, or bond note
non-conformity with the order of the
commission authorizing the same, or
or of the constitution of this State
or who. in any proceeding before the
with knowledge Of Its falsity files or
causes to be filed with the commits
alton. which said statement or repre-
centation so made; filed or caused to
enee the commission to make an order
authorizing the issue of any stock or
stock certificate. or any bond. note or
other evidence of Indebtedness. or
which results in procuring from the
commission tho making of any such
order, or who. with knowledge that
any false statement or representation
was made to the commission. In any
fiuence the commission to make such
an order. Issues or executes or negoti-
ates. or causes to be Issued. executed
or negotiated any such stock or stock
certificates. or bond. note or other evil
dence Of Indebtedness. or who. directly
or Indirectly. knowingly applies. or
causes or assists to be applied the pro-
cecds or any part thereof from the
sale of any stock or stock certificate.
,r bond. note or other evidence of In
oebtedness. to any purpose not speci-
fled In the commissions order. or to
sny purpose specified in the commits
sion's order In excess of the
amount authorized for such pur-