§ 62‑161. Assumption of certain liabilities and obligations to be approved by Commission;refinancing of public utility securities.
(a) No public utility shall issue any securities, or assume anyliability or obligation as lessor, lessee, guarantor, indorser, surety, orotherwise, in respect to the securities of any other person unless and until,and then only to the extent that, upon application by such utility, and afterinvestigation by the Commission of the purposes and uses of the proposed issue,and the proceeds thereof, or of the proposed assumption of obligation orliability in respect of the securities of any other person, the Commission byorder authorizes such issue or assumption.
(b) The Commission shall make such order only if it finds thatsuch issue or assumption is (i) for some lawful object within the corporatepurposes of the public utility, (ii) is compatible with the public interest,(iii) is necessary or appropriate for or consistent with the proper performanceby such utility of its service to the public and will not impair its ability toperform that service, and (iv) is reasonably necessary and appropriate for suchpurpose.
(c) Any such order of the Commission shall specify the purposesfor which any such securities or the proceeds thereof may be used by the publicutility making such application.
(d) If a public utility shall apply to the Commission for therefinancing of its outstanding shares of stock by exchanging or redeeming suchoutstanding shares, the exchange or redemption of such shares of any dividendrate or rates, class or classes, may be made in whole or in part, in the mannerand to the extent approved by the Commission, notwithstanding any provisions oflaw applicable to corporations in general: Provided, that the proposedtransactions are found by the Commission to be in the public interest and inthe interest of consumers and investors, and provided that any redemption shallbe at a price or prices, not less than par, and at a time or times, stated orprovided for in the utility's charter or stock certificates. (1933, c. 307, s. 18; 1945, c. 656; 1963, c. 1165, s.1.)
§ 62‑161. Assumption of certain liabilities and obligations to be approved by Commission;refinancing of public utility securities.
(a) No public utility shall issue any securities, or assume anyliability or obligation as lessor, lessee, guarantor, indorser, surety, orotherwise, in respect to the securities of any other person unless and until,and then only to the extent that, upon application by such utility, and afterinvestigation by the Commission of the purposes and uses of the proposed issue,and the proceeds thereof, or of the proposed assumption of obligation orliability in respect of the securities of any other person, the Commission byorder authorizes such issue or assumption.
(b) The Commission shall make such order only if it finds thatsuch issue or assumption is (i) for some lawful object within the corporatepurposes of the public utility, (ii) is compatible with the public interest,(iii) is necessary or appropriate for or consistent with the proper performanceby such utility of its service to the public and will not impair its ability toperform that service, and (iv) is reasonably necessary and appropriate for suchpurpose.
(c) Any such order of the Commission shall specify the purposesfor which any such securities or the proceeds thereof may be used by the publicutility making such application.
(d) If a public utility shall apply to the Commission for therefinancing of its outstanding shares of stock by exchanging or redeeming suchoutstanding shares, the exchange or redemption of such shares of any dividendrate or rates, class or classes, may be made in whole or in part, in the mannerand to the extent approved by the Commission, notwithstanding any provisions oflaw applicable to corporations in general: Provided, that the proposedtransactions are found by the Commission to be in the public interest and inthe interest of consumers and investors, and provided that any redemption shallbe at a price or prices, not less than par, and at a time or times, stated orprovided for in the utility's charter or stock certificates. (1933, c. 307, s. 18; 1945, c. 656; 1963, c. 1165, s.1.)
§ 62‑161. Assumption of certain liabilities and obligations to be approved by Commission;refinancing of public utility securities.
(a) No public utility shall issue any securities, or assume anyliability or obligation as lessor, lessee, guarantor, indorser, surety, orotherwise, in respect to the securities of any other person unless and until,and then only to the extent that, upon application by such utility, and afterinvestigation by the Commission of the purposes and uses of the proposed issue,and the proceeds thereof, or of the proposed assumption of obligation orliability in respect of the securities of any other person, the Commission byorder authorizes such issue or assumption.
(b) The Commission shall make such order only if it finds thatsuch issue or assumption is (i) for some lawful object within the corporatepurposes of the public utility, (ii) is compatible with the public interest,(iii) is necessary or appropriate for or consistent with the proper performanceby such utility of its service to the public and will not impair its ability toperform that service, and (iv) is reasonably necessary and appropriate for suchpurpose.
(c) Any such order of the Commission shall specify the purposesfor which any such securities or the proceeds thereof may be used by the publicutility making such application.
(d) If a public utility shall apply to the Commission for therefinancing of its outstanding shares of stock by exchanging or redeeming suchoutstanding shares, the exchange or redemption of such shares of any dividendrate or rates, class or classes, may be made in whole or in part, in the mannerand to the extent approved by the Commission, notwithstanding any provisions oflaw applicable to corporations in general: Provided, that the proposedtransactions are found by the Commission to be in the public interest and inthe interest of consumers and investors, and provided that any redemption shallbe at a price or prices, not less than par, and at a time or times, stated orprovided for in the utility's charter or stock certificates. (1933, c. 307, s. 18; 1945, c. 656; 1963, c. 1165, s.1.)
