§ 62-170. Failure to obtain approval not to invalidate securities or obligations; noncompliance with Article, etc.
§ 62‑170. Failureto obtain approval not to invalidate securities or obligations; noncompliancewith Article, etc.
(a) Securities issued and obligations and liabilities assumed bya public utility, for which the authorization of the Commission is required,shall not be invalidated because issued or assumed without such authorizationtherefor having first been obtained or because issued or assumed contrary toany term or condition of such order of authorization as modified by any ordersupplemental thereto entered prior to such issuance or assumption.
(b) Securities issued or obligations or liabilities assumed inaccordance with all the terms and conditions of the order of authorizationtherefor shall not be affected by a failure to comply with any provision ofthis Article or rule or regulation of the Commission relating to procedure andother matters preceding the entry of such order of authorization or ordersupplemental thereto.
(c) A copy of any order made and entered by the Commission andcertified by a clerk of the Commission approving the issuance of any securitiesor the assumption of any obligation or liability by a public utility shall besufficient evidence of full and complete compliance by the applicant for suchapproval with all procedural and other matters required precedent to the entryof such order.
(d) Any public utility which willfully issues any suchsecurities, or assumes any such obligation or liability, or makes any sale orother disposition of securities, or applies any securities or the proceedsthereof to purposes other than the purposes specified in an order of theCommission with respect thereto, contrary to the provisions of this Article,shall be liable to a penalty of not more than ten thousand dollars ($10,000),but such utility is only required to specify in general terms the purpose forwhich any securities are to be issued, or for which any obligation or liabilityis to be assumed, and the order of the Commission with respect thereto shalllikewise be in general terms. (1933, c. 307, s. 27; 1963, c. 1165, s. 1.)