No public utility shall issue any stocks, certificates of stock, bonds, or other evidences of indebtedness secured on its property in the District of Columbia for the purpose of any reorganization or consolidation in excess of the total amount of the stocks, certificates of stock, bonds, or other evidences of indebtedness then outstanding against the public utilities so reorganizing or consolidating, and no such public utility shall purchase the property of any other public utility for the purpose of effecting a consolidation until the Commission shall have determined and set forth in writing that said consolidation will be in the public interest, nor until the Commission shall have approved in writing the terms upon which said consolidation shall be made.
(Mar. 4, 1913, 37 Stat. 990, ch. 150, § 8, par. 76.)
1981 Ed., § 43-704.
1973 Ed., § 43-805.
Sale and merger of utilities, generally, see § 34-1001.
Structure District of Columbia Code
Chapter 5 - Issuance of Securities
§ 34–501. Creation of liens on property of utilities; supervision by Commission
§ 34–502. Certificate showing authority to issue stock or pay dividends to be obtained
§ 34–503. Stocks not to be issued until certificate is recorded
§ 34–505. Application of proceeds of stock
§ 34–506. Stock to be void unless law is complied with
§ 34–507. Penalty for improper issuance or application of stock or proceeds