No utility shall issue any securities, or assume any obligation or liability, as lessor, lessee, guarantor, endorser, surety or otherwise, in respect to the securities of any other person unless and until, and then only to the extent that, upon application by the utility, and after investigation by the commission of the purposes and uses of the proposed issue, and the proceeds thereof, or of the proposed assumption of obligation or liability in respect of the securities of any other person, the commission by order authorizes such issue or assumption. The commission shall make such order only if it finds that such issue or assumption is for some lawful object within the corporate purposes of the utility, is compatible with the public interest, is necessary or appropriate for or consistent with the proper performance by the utility of its service to the public as such utility and will not impair its ability to perform that service and is reasonably necessary and appropriate for such purpose. Any such order of the commission shall specify the purposes for which any such securities or the proceeds thereof may be used by the utility making such application.
Structure Code of Alabama
Title 37 - Public Utilities and Public Transportation.
Chapter 4 - Public Utilities Other Than Transportation Companies or Motor Vehicle Carriers.
Article 1 - Rate and Other Regulations.
Section 37-4-2 - Jurisdiction of Commission Limited as to Nonutilities.
Section 37-4-2.1 - Regulation of Certain Private Water System Utilities in Class 8 Municipalities.
Section 37-4-3 - Officers and Directors Occupy Fiduciary Relationship.
Section 37-4-4 - Directors Not to Delegate or Relinquish Duties.
Section 37-4-5 - Sale or Purchase of Securities by Utility Employees.
Section 37-4-6 - Payment of Dividends.
Section 37-4-11 - Sale, Pledge or Other Disposition of Securities.
Section 37-4-12 - Guarantee or Obligation on Part of State Not to Be Implied.
Section 37-4-13 - Provisions of Article Not Applicable to Certain Notes.
Section 37-4-14 - Receiver's Certificate or Debentures.
Section 37-4-15 - Reports by Utility.
Section 37-4-16 - Validity of Securities Issued Without Authorization; Penalty for Violation.
Section 37-4-18 - Valuation of Utility Property - Notice; Filing of Protest; Finality.
Section 37-4-19 - Valuation of Utility Property - Hearing Upon Protest; Corrections; Final Order.
Section 37-4-20 - Valuation of Utility Property - Revaluation.
Section 37-4-21 - Valuation of Utility Property - Appeals.
Section 37-4-22 - Contract Rates.
Section 37-4-23 - Inspection and Supervision Fees - Generally.
Section 37-4-24 - Inspection and Supervision Fees - Recovery of Delinquent Fees.
Section 37-4-25 - Intercorporate Relations - Treatment of Utility as Part of General System.
Section 37-4-27 - Special or Reduced Rates.
Section 37-4-28 - Certificate of Convenience and Necessity - When Required; Application; Issuance.
Section 37-4-30 - Obtaining Electric Service Under a Private Contract; Definitions.