56-69 - Purposes to which proceeds of security issues may be applied.
§ 56-69. Purposes to which proceeds of security issues may be applied.
No public service company shall, without the consent of the Commission, applythe proceeds of the issue of any stock or stock certificate or other evidenceof interest or ownership, or bond, note or other evidence of indebtedness, orany part thereof, to any purpose not specified in the Commission's order, orto any purpose specified in the Commission's order in excess of the amountauthorized for such purpose, or issue or dispose of the same on any termsless favorable than those specified in such order or any modification thereof.
(1934, p. 223; Michie Code 1942, § 4073(6).)