The Springfield herald., 1914-10-23

j.
Sections Referred-Nos. SO and 81.
AN ACT CONCERNING PUBLIC UTIL-
tiles. CREATING A PUBLIC UTII.-
1TIES COMMISSION. PRESCRIBING
ITS POWERS AND DUTIES AND
REPEALING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
THEREWITH.
Said Sections SO and 81 being as fol,
lows. to-wit
Section sc. (a) No railroad corpora
tion, street railroad corporation. pipo
line corporation. gas corporation. cleo
tricai corporation. tclephone corpora
tion. telegraph corporation. water cor
Visions OF this act. shall henceforth
wise dispose of or encumber the whole
or any part OF its railroad. street rail-
or useful in the perrormance OF its dn.
ties to the public. or anv franchise or
permit or any right hereunder. or by
any means whatsoever. direct or indi-
road street railroad. line plant or sys,
tenn. or franchises or permits or any
utility. without having first secured
from tho .commission I'm, nm order i author-
lease. assignment. mortgage. disposi-
tion. eucumbrancc. morger or consoli-
with tho order of the commission au
thorizing the same shall bo void. Tho
permission and approval OF the COM
mission to tho exercise Of franchise
or permit under section thirty-five (a)
of this act or the sale, lease. assign.
ment. mortgage or other disposition or
encumbrance or n franchise or permit
under this section shall not be con:
enlarge or add to the powers or privi-
leEes contained in tho grant OF any
forfeiture. Nothing In this subsection
contained shall be construed to pre-
by any public utility of n class desg-
mated in this subsection of property
which is not necessary or useful In tho
lie. and any sale OF It's property BY
such public utility shah bo conclusive
ly presumed to have been of property
which is not useful or necessary In tho
performance OF it's duties to tho public.
ss to any pnrshaser OF such property
OBJ No public utility shall hereafter
purchase or acquire. talse or hold. any
virtue of the laws of this State. with
SO by tho commission. Every assign
ment. transfer. contract or agreement
for assignment or transfer or any
stock by or through any person or cor
wise. in violation OF any of tine provls-
ions OF this section shall be void and
utifity '1T6tffi6g befeTn coat,tr4ens snail
stock heretofore lawfully ACQUIRED.
Section 81. ta) The power OF public
utilities to issue stocks and stock GER
tificates. and bonds. notes and other
evidences of indebtedness and to cre..
alto Hens their property situated
within this state is special privilege.
the right of supervision regulation. re-
striction and control Of which is and
shall continue to be vested in tho State.
and such power shall be exercised as
provided by law and under such rules
and regulations as the commission may
prescribe.
(b) a public utility NAV issue stock,
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
rameiy: For the acquisition of such
property as is necessary for the Drop
construction. completion, extension or
Improvement of its facilities. for tho
Improvement or maintenance Of IL!
service. or for the discharge or lawful
refundinR of its obligations or for tho
reimbursement of moneys actually ex.
pended from income from any 9TH
or moneys in the treasury of the pub:
lie utility not secured by or obtained
f. ON the issue of stocks or stock Ger"
tificatcs. or bonds. notes or other evil
dences of Indebtedness of such public
utility. within five years next prior to
commiss ion for the required authorize
tion. for any of the aforesaid pur-
and requirements. in cases whero tho
applicant shall have kent its accounts
and vouchers for such expenditures In
ouch 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.
provided. that such public utility. in
addition to the other requirements OF
law. shall first have secured from tho
commission an order authorizing such
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.
for by such issue is reasonably re-
uuired for the purpose or purposes
specified IN the order ana that. except
as otherwise permitted in the order In
the case of bonds. notes or other evil
dences OF indebtedness. such purpose or
purposes are not. in whole or in part
reasonably charEeablc to operatinR eS-
determine. whether IL win issue such
order. the commission shall hold a
hearing and may make such additional
inquiry or Investigation. and examine
nlents ana contracts and require tho
filling OF such data as it may deem OF
order grant permission for the issue OF
such stocks or stock certificates. or
bonds. notes or other evidences OF In
debtedness in the amount applied for;
or In 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
scribCd capital stock OF public utIl-
ity corporation and the provisions OF
the statutes of this State. in so far al
they contain inhibitions against tho
CT cal tion by Corporationg OF indebted
ness evidenced by bonds notes or oth-
eryYisc, in excess OF their total author
ICED or subscribed capital stock ghal'
havo no application to public utilities
No public utility SHAH. without tho
consent Of the commiss .on. apply the
Issue OF any stock or stock certificate.
or bou2. note or other evidence Of in
debtedncss or any part thereof. or any
proceeds thereof TO any PURPOSE
not specified IN the comm lsSlpuS or
der, or to any purpose specified In
tho commissions order in eNccs5
OF the amount authorized FOR
such purDosD- or fssue OF dlsnosc OF
the same on any terms less favorable
b modification thereof a public util-
nv may Issue notes for prooer pur.
poses aud not in violation % any pro-
vision OF this act or any other act. paw
lhfc nj periods OF not more than twelve
months after the date OF Issuance OF
the same without the consent of tho
comm iSsion. but no such note shall. In
whole or IN pagL be rcfuuded by any
ssuc OF stocks or stock certificates. or
y bonds, notes OF nuv tCrW or chsrac-
Ter or any other evidence Of Indebted
ness without the consent Of the com
1iissloE. No public uteity shall have
power TO capitalize npv contract for
l.usr or merger. or ISSUE
my bonds. notes or othnr evidences OF
udr btetUrFg ug r lien thereon without