56-61 - Action of Commission on such application.
§ 56-61. Action of Commission on such application.
When an application is filed with the Commission under § 56-60 it shallconsider and pass upon the same within twenty-five days, and when theapplication sets forth that such securities are to be issued or suchobligations or liabilities are to be assumed for any purpose set forth in §56-58, and the Commission so finds, it shall approve the application andissue the order applied for, unless the Commission shall find, for reasonsstated by it, that the issuance of such securities or the assumption of suchobligations or liabilities is not reasonably necessary to carry out one ormore of the purposes set forth in the application. The Commission may by itsorder grant permission for any such issuance or assumption in the amount oron the terms applied for, or in a less amount, or on different terms, or notat all, and may include in its order such terms and conditions fairlyrelating to the matter of such issuance or assumption as it may deemreasonable or necessary. Whenever the Commission refuses, in whole or inpart, an application to issue securities or assume obligations orliabilities, or grants such an application with modifications, it shall statespecifically its reasons so that such refusal or modifications may bereviewed judicially on appeal. If at the end of twenty-five days after thefiling of such an application, or at the end of any extension or extensionsof that time, which may have been ordered by the Commission, no order ofdisapproval is entered, the application shall be deemed in fact and law tohave been approved, and an order shall be issued by the Commissionauthorizing the issuance of the securities or the assumption of theobligations or liabilities as applied for and such securities may be issuedor such obligations or liabilities assumed accordingly. But the Commissionmay extend the original twenty-five-day period not to exceed an additionalthirty days unless the Commission shall conclude that fifty-five days is nota sufficient time in which fully to investigate and determine whether suchcertificate shall be issued, in which event it shall by written order extendthe time for a specified reasonable period, and in such order set forth thereasons for such extension, which order shall be viewed in law as a finalorder for purposes of appeal, and upon appeal the court shall approve ordecrease the period specified in the order.
To enable it to determine whether it will issue such order, the Commissionmay hold a hearing and may make such additional inquiry or investigation, andexamine such witnesses, books, papers, documents and contracts, and requirethe filing of such data as it may deem of assistance.
(1934, p. 222; Michie Code 1942, § 4073(5); 1980, c. 246.)