Account for disposition of proceeds--issue void, when,exception--penalties--state not liable.
393.220. 1. The commission shall have power to require gascorporations, electrical corporations, water corporations andsewer corporations to account for the disposition of the proceedsof all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable,and to establish such rules and regulations as it may deemreasonable and necessary to insure the disposition of suchproceeds for the purpose or purposes specified in its order.
2. All stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation issued without an order of thecommission authorizing the same then in effect shall be void, andlikewise all stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation, issued with the authorizationof the commission, but not conforming in its provisions to theprovisions, if any, which it is required by the order ofauthorization of the commission to contain, shall be void; but nofailure in any other respect to comply with the terms orconditions of the order of authorization of the commission shallrender void any stock, or any bond, note or other evidence ofindebtedness, except as to a corporation or person taking thesame otherwise than in good faith and for value and withoutactual notice.
3. Every gas corporation, electrical corporation, watercorporation or sewer corporation which, directly or indirectly,issues or causes to be issued any stock or bond, note or otherevidence of indebtedness, in nonconformity with the order of thecommission authorizing the same, or contrary to the provisions ofthis chapter, or the constitution of this state, or which appliesthe proceeds from the sale thereof, or any part thereof, to anypurpose other than the purpose or purposes specified in thecommission's order in excess of the amount in said orderauthorized for the purpose, is subject to a penalty of not lessthan five hundred dollars nor more than twenty thousand dollarsfor each offense.
4. Every officer, agent or employee of a gas corporation,electrical corporation, water corporation, or sewer corporation,and every other person who knowingly authorizes, directs, aidsin, issues or executes, or causes to be issued or executed, anystock or bond, note or other evidence of indebtedness, innonconformity with the order of the commission authorizing thesame, or contrary to the provisions of this chapter, or to theconstitution of this state, or who, in any proceeding before thecommission, knowingly makes any false statement or representationor with knowledge of its falsity files or causes to be filed withthe commission any false statement or representation, which saidstatement or representation so made, filed or caused to be filedmay tend in any way to influence the commission to make an orderauthorizing an issue of stock, or any bond, note or otherevidence of indebtedness, or which results in the procuring fromthe commission the making of any such order, or who, withknowledge that any false statement or representation was made tothe commission, in any proceeding, tending in any way toinfluence the commission to make such an order, issues orexecutes or negotiates, or causes to be issued, executed ornegotiated any such stock or bond, note or other evidence ofindebtedness, or who, directly or indirectly, knowingly applies,or causes or assists to be applied the proceeds, or any partthereof, from the sale of any stock or bond, note or otherevidence of indebtedness, to any purpose not specified in thecommission's order, or to any purpose specified in thecommission's order, in excess of the amount authorized for suchpurpose, or who, with knowledge that any stock or bond, note orother evidence of indebtedness, has been issued or executed inviolation of any of the provisions of this chapter, negotiates,or causes the same to be negotiated, shall be deemed guilty of afelony, and upon conviction shall be punished by a fine of notless than one thousand dollars nor more than five thousanddollars, or by imprisonment for not less than two years nor morethan five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done orperformed under or in connection therewith, shall be held orconstrued to obligate the state of Missouri to pay or guaranteein any manner whatsoever, any stock or bond, note or otherevidence of indebtedness, authorized, issued or executed underthe provisions of this chapter.
6. All stocks and bonds, notes and other evidences ofindebtedness issued by any public utility after this law takeseffect, upon the authority of any articles of incorporation oramendments thereto or vote of the stockholders or directorsfiled, taken or had, or other proceedings taken or had, previousto the taking effect of this chapter, shall be void, unless anorder of the commission authorizing the issue of such stocks,bonds, notes or other evidences of indebtedness shall have beenobtained from the commission prior to such issue. The commissionmay by its order impose such condition or conditions as it maydeem reasonable and necessary.
7. Notwithstanding the other provisions of this section, thecommission can approve all issues of stock, bonds, notes or otherevidence of indebtedness of a gas corporation, electricalcorporation, water corporation, or sewer corporation, which wereissued without prior approval when it can be shown that thestocks, bonds, notes or other evidence of indebtedness wereissued for purposes authorized by section 393.200, and wereissued in good faith without knowledge of the requirement ofobtaining prior approval.
Account for disposition of proceeds--issue void, when,exception--penalties--state not liable.
393.220. 1. The commission shall have power to require gascorporations, electrical corporations, water corporations andsewer corporations to account for the disposition of the proceedsof all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable,and to establish such rules and regulations as it may deemreasonable and necessary to insure the disposition of suchproceeds for the purpose or purposes specified in its order.
2. All stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation issued without an order of thecommission authorizing the same then in effect shall be void, andlikewise all stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation, issued with the authorizationof the commission, but not conforming in its provisions to theprovisions, if any, which it is required by the order ofauthorization of the commission to contain, shall be void; but nofailure in any other respect to comply with the terms orconditions of the order of authorization of the commission shallrender void any stock, or any bond, note or other evidence ofindebtedness, except as to a corporation or person taking thesame otherwise than in good faith and for value and withoutactual notice.
3. Every gas corporation, electrical corporation, watercorporation or sewer corporation which, directly or indirectly,issues or causes to be issued any stock or bond, note or otherevidence of indebtedness, in nonconformity with the order of thecommission authorizing the same, or contrary to the provisions ofthis chapter, or the constitution of this state, or which appliesthe proceeds from the sale thereof, or any part thereof, to anypurpose other than the purpose or purposes specified in thecommission's order in excess of the amount in said orderauthorized for the purpose, is subject to a penalty of not lessthan five hundred dollars nor more than twenty thousand dollarsfor each offense.
4. Every officer, agent or employee of a gas corporation,electrical corporation, water corporation, or sewer corporation,and every other person who knowingly authorizes, directs, aidsin, issues or executes, or causes to be issued or executed, anystock or bond, note or other evidence of indebtedness, innonconformity with the order of the commission authorizing thesame, or contrary to the provisions of this chapter, or to theconstitution of this state, or who, in any proceeding before thecommission, knowingly makes any false statement or representationor with knowledge of its falsity files or causes to be filed withthe commission any false statement or representation, which saidstatement or representation so made, filed or caused to be filedmay tend in any way to influence the commission to make an orderauthorizing an issue of stock, or any bond, note or otherevidence of indebtedness, or which results in the procuring fromthe commission the making of any such order, or who, withknowledge that any false statement or representation was made tothe commission, in any proceeding, tending in any way toinfluence the commission to make such an order, issues orexecutes or negotiates, or causes to be issued, executed ornegotiated any such stock or bond, note or other evidence ofindebtedness, or who, directly or indirectly, knowingly applies,or causes or assists to be applied the proceeds, or any partthereof, from the sale of any stock or bond, note or otherevidence of indebtedness, to any purpose not specified in thecommission's order, or to any purpose specified in thecommission's order, in excess of the amount authorized for suchpurpose, or who, with knowledge that any stock or bond, note orother evidence of indebtedness, has been issued or executed inviolation of any of the provisions of this chapter, negotiates,or causes the same to be negotiated, shall be deemed guilty of afelony, and upon conviction shall be punished by a fine of notless than one thousand dollars nor more than five thousanddollars, or by imprisonment for not less than two years nor morethan five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done orperformed under or in connection therewith, shall be held orconstrued to obligate the state of Missouri to pay or guaranteein any manner whatsoever, any stock or bond, note or otherevidence of indebtedness, authorized, issued or executed underthe provisions of this chapter.
6. All stocks and bonds, notes and other evidences ofindebtedness issued by any public utility after this law takeseffect, upon the authority of any articles of incorporation oramendments thereto or vote of the stockholders or directorsfiled, taken or had, or other proceedings taken or had, previousto the taking effect of this chapter, shall be void, unless anorder of the commission authorizing the issue of such stocks,bonds, notes or other evidences of indebtedness shall have beenobtained from the commission prior to such issue. The commissionmay by its order impose such condition or conditions as it maydeem reasonable and necessary.
7. Notwithstanding the other provisions of this section, thecommission can approve all issues of stock, bonds, notes or otherevidence of indebtedness of a gas corporation, electricalcorporation, water corporation, or sewer corporation, which wereissued without prior approval when it can be shown that thestocks, bonds, notes or other evidence of indebtedness wereissued for purposes authorized by section 393.200, and wereissued in good faith without knowledge of the requirement ofobtaining prior approval.
Account for disposition of proceeds--issue void, when,exception--penalties--state not liable.
393.220. 1. The commission shall have power to require gascorporations, electrical corporations, water corporations andsewer corporations to account for the disposition of the proceedsof all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable,and to establish such rules and regulations as it may deemreasonable and necessary to insure the disposition of suchproceeds for the purpose or purposes specified in its order.
2. All stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation issued without an order of thecommission authorizing the same then in effect shall be void, andlikewise all stock, and every bond, note or other evidence ofindebtedness of a gas corporation, electrical corporation, watercorporation or sewer corporation, issued with the authorizationof the commission, but not conforming in its provisions to theprovisions, if any, which it is required by the order ofauthorization of the commission to contain, shall be void; but nofailure in any other respect to comply with the terms orconditions of the order of authorization of the commission shallrender void any stock, or any bond, note or other evidence ofindebtedness, except as to a corporation or person taking thesame otherwise than in good faith and for value and withoutactual notice.
3. Every gas corporation, electrical corporation, watercorporation or sewer corporation which, directly or indirectly,issues or causes to be issued any stock or bond, note or otherevidence of indebtedness, in nonconformity with the order of thecommission authorizing the same, or contrary to the provisions ofthis chapter, or the constitution of this state, or which appliesthe proceeds from the sale thereof, or any part thereof, to anypurpose other than the purpose or purposes specified in thecommission's order in excess of the amount in said orderauthorized for the purpose, is subject to a penalty of not lessthan five hundred dollars nor more than twenty thousand dollarsfor each offense.
4. Every officer, agent or employee of a gas corporation,electrical corporation, water corporation, or sewer corporation,and every other person who knowingly authorizes, directs, aidsin, issues or executes, or causes to be issued or executed, anystock or bond, note or other evidence of indebtedness, innonconformity with the order of the commission authorizing thesame, or contrary to the provisions of this chapter, or to theconstitution of this state, or who, in any proceeding before thecommission, knowingly makes any false statement or representationor with knowledge of its falsity files or causes to be filed withthe commission any false statement or representation, which saidstatement or representation so made, filed or caused to be filedmay tend in any way to influence the commission to make an orderauthorizing an issue of stock, or any bond, note or otherevidence of indebtedness, or which results in the procuring fromthe commission the making of any such order, or who, withknowledge that any false statement or representation was made tothe commission, in any proceeding, tending in any way toinfluence the commission to make such an order, issues orexecutes or negotiates, or causes to be issued, executed ornegotiated any such stock or bond, note or other evidence ofindebtedness, or who, directly or indirectly, knowingly applies,or causes or assists to be applied the proceeds, or any partthereof, from the sale of any stock or bond, note or otherevidence of indebtedness, to any purpose not specified in thecommission's order, or to any purpose specified in thecommission's order, in excess of the amount authorized for suchpurpose, or who, with knowledge that any stock or bond, note orother evidence of indebtedness, has been issued or executed inviolation of any of the provisions of this chapter, negotiates,or causes the same to be negotiated, shall be deemed guilty of afelony, and upon conviction shall be punished by a fine of notless than one thousand dollars nor more than five thousanddollars, or by imprisonment for not less than two years nor morethan five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done orperformed under or in connection therewith, shall be held orconstrued to obligate the state of Missouri to pay or guaranteein any manner whatsoever, any stock or bond, note or otherevidence of indebtedness, authorized, issued or executed underthe provisions of this chapter.
6. All stocks and bonds, notes and other evidences ofindebtedness issued by any public utility after this law takeseffect, upon the authority of any articles of incorporation oramendments thereto or vote of the stockholders or directorsfiled, taken or had, or other proceedings taken or had, previousto the taking effect of this chapter, shall be void, unless anorder of the commission authorizing the issue of such stocks,bonds, notes or other evidences of indebtedness shall have beenobtained from the commission prior to such issue. The commissionmay by its order impose such condition or conditions as it maydeem reasonable and necessary.
7. Notwithstanding the other provisions of this section, thecommission can approve all issues of stock, bonds, notes or otherevidence of indebtedness of a gas corporation, electricalcorporation, water corporation, or sewer corporation, which wereissued without prior approval when it can be shown that thestocks, bonds, notes or other evidence of indebtedness wereissued for purposes authorized by section 393.200, and wereissued in good faith without knowledge of the requirement ofobtaining prior approval.
