Arkansas Code
Subchapter 4 - Procedure Before Commissions
§ 23-2-424. Commission orders — Rehearing or judicial review — Effect on order, stocks, etc

(a)
(1) The filing of an application for rehearing under § 23-2-422 shall not, unless specifically ordered by the Arkansas Public Service Commission, operate as a stay of the commission's order.
(2) The commencement of proceedings under § 23-2-423 shall not, unless specifically ordered by the Court of Appeals, operate as a stay of the commission's order.

(b) The Court of Appeals may enter an order suspending or staying the operation of an order of the commission pending review of the order, provided the other parties are adequately secured against loss due to the delay in the enforcement of the order, in case the order involved is affirmed. The security is to take such form as shall be directed by the court.
(c)
(1) Any provision of this section, § 23-2-401, and §§ 23-2-421 — 23-2-423 notwithstanding, if the commission order involves rate changes which have already been made effective under bond pursuant to § 23-4-408, then the order shall take effect not less than twenty (20) days following service.
(2) If in this period an application for rehearing is filed, then the order shall be stayed until such time as the application is ruled on and any judicial appeals are concluded.

(d) Stocks or stock certificates, bonds, notes, or other evidences of indebtedness issued pursuant to and in accordance with an order of the commission shall be valid and binding in accordance with their terms, notwithstanding that the order of the commission may be or is later abrogated, vacated, changed, modified, or otherwise held to be wholly or partially invalid, unless, prior to issuance, the operation or effectiveness of the order has been stayed or suspended by the commission or a reviewing court.

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