56-67 - Issuance of securities or assumption of liability void if order not obtained.
§ 56-67. Issuance of securities or assumption of liability void if order notobtained.
Any stock, or stock certificate or other evidence of interest or ownership,and, except as otherwise provided by § 56-65, any bond, note or otherevidence of indebtedness, of a public service company, and every assumptionof obligation or liability as a guarantor, endorser, surety or otherwise inrespect to the securities of any other person, firm, association orcorporation, when such securities are payable at periods of twelve months, ormore, after the date thereof, shall be void if issued or assumed without anorder of the Commission authorizing the same, or if issued or assumedcontrary in any substantial respect to any term or condition of such order asissued, or as modified prior to such issuance or assumption; but no suchissuance or assumption, if made in accordance in every substantial respectwith all terms and conditions of such order as issued or as modified prior tosuch issuance or assumption, shall be rendered void because of failure tocomply with any provision of this chapter relating to procedure or othermatters preceding the entry of such order.
(1934, p. 224; Michie Code 1942, § 4073(10).)