56-59 - Order required before acting as surety, guarantor, etc.
§ 56-59. Order required before acting as surety, guarantor, etc.
No public service company shall henceforth assume any obligation or liabilityas guarantor, endorser, surety or otherwise in respect to the securities ofany other person, firm, association or corporation, when such securities arepayable at periods of twelve months or more after the date thereof, withouthaving first secured from the Commission an order authorizing it so to do.
(1934, p. 222; Michie Code 1942, § 4073(4).)