Gilpin observer., 1914-10-15


amount thereof and the. purpose or
purposes purposes .u to which the issue ,,o or the
that, in the opinion of the commission.
the s,,y:. money: property %, or labor to be
seasonably required ei ed for the purposs %
or purposes specified In the order. and
or other evidences of Indebtedness.
such purpose or purposes are not. In
come; 70 enable it to determine
G shall sod 'a'h hearng arHsE ahd
may make such additional inquiry or
Investigation. and examine such wit;
contracts and require the filing. Of
such data as It may deem of assist
der grant permission for the Issue of
bonds. notes or other evidences Of in
debtedness In the amount applied for,
may attach to the exercise of Its per
It may deem reasonable and necessary.
The commission may authorize issues
indeStedness n o'gs less 81 tHan er eeuivaieas to
or greater than the authorized or sub
scribed capital stock of a public util:
the statutes of this State. in 50 far as
thoy contain inhibitions against the
ness evidenced by bonds, notes or 9TH
erwise. in excess of their total author
lied or subscribed capital stock shall
consent. of the commission. apply the
Issue OF any stock or stock certificate,
or bond. note or other evidence of in
debtedness: or any part thereof. or any
proceeds proceeds thereof. to any m purpose not
missions order In excess OF the
or Issue or dispose of the Same on any
terms less favorable than those speci
fsa on such pabc Ssf Sty Sf ay ssas
violation Of any provision Of this act
Of not more than twelve months after
the date of Issuance of the same with
NO sue nets SHALL n %hoIe or IN
Stocks or stock certifieates' ' or Of
or any other evidence of indebtedness.
without viii the ,,, consent t,,, Nf the e1mmis.
power to capitalize any contract for
consolidation. lease or merger. or is
sue any bonds: notes or other eyideness
out the consent of the commission.
The commission shall have no power
right to be a corporation. or to au-
thorize the capitalization of any fran
right to own. operate or. enjoy any
such franchise or permit. in excess of
the amount exclusive of any tax or
annual charge) actually paid to the
State or to political subdivision
thereof as the consideration for the
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
er evidences of Indebtedness. in such
fGs and ao %ay ses deem re, s
and regulations it NAV deem rea-
ssonable and necessary s to insure the
order. & " '''e' ' - '"'
tificate. and every bond. note. or 9th
er evidence of Indebtedness. of a pub
lie utility. issued without an order of
then in effect shall be void, and like
wise all stock and every stock certifi.
evidence of Indebtedness. OF a public
utility. issued with the AUTHORIZATION
Of the commission but not coYorming
I'm Its provisions to the provisions. IL
any. which It Is required by the
der of authorization of the commission
ure in any other respect to comply
with the terms or conditions of the or
sion shall render void anv stock or
stock certificate. or any bond. note or
other evidence of Indebtedness. except
as. TO a corporation or person taking
the same otherwise than in good faith
and for value and without actual no.
tice.
te) Every public utility which. di-
rectly or Indirectly. issues or causes to
be issued. any stock stock certifi-
cate. or bond. note or other evidence
of indebtedness. in nonconformity with
the order of the commission authorlz-
ing the same. or contrary to the pro-
visions OF this act. or Of the constitu-
tion of this State. or which anplies the
proceeds from the sale thereof or any
part thereof. to any purpose other than
the commissions order. as herein pro-
yided. or to any purpose specified In
the commissions order in excess of the
such purposes. is subject to a penalty
OF not more than twenty thousand
dollars for each offense.
20 Every officer. agent or employee
of a public utility. and every other
person who knowingly authorizes. di-
rects. aids in issuing or executes. or
stock or stock certificate. or bond note
or other evidence OF Indebtedness. in
eommission aythoriainR Re tRe r'er same D 'oe oe
contrary to the provisions OF this act
or OF the constitution of this state
commission. knowingly makes any
false statement or. representi,tion or
causes aus = to be filed with the commis.
sion any false statement or represent
alton. which said statement or repre-
be filed may tend in anv way to influ-
ence 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
commission tho making OF any such
order. or who. with knowledge that
any false statement or representation
was made to the commission. in any
proceeding. tendin~ in anv way to in
fluence 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-
cceds or any part thereof. from the
Bale of any stock or stock certificate.
tr bond. note or other evidence of In
Cebtedness. to any purpose not sDeci-
fled In the commissions order. or to
any purpose specified In the commits
oion's order In excess of the
amount authorized for such pnr..