§908. Additional requirements as to issuance
1. Commission's order recorded on utility's books. No public utility may issue any stocks, bonds, notes or other evidences of indebtedness, unless payable within one year from date of issuance, for money, property or services, in payment for them, either directly or indirectly, until the commission's authorizing order is recorded on the utility's books.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
2. Commission consent for refund of indebtedness. No indebtedness may in whole or in part, directly or indirectly, be refunded by any issue of stocks or bonds or by any other evidence of indebtedness, running for more than 12 months, without the consent of the commission.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).
Structure Maine Revised Statutes
Part 1: PUBLIC UTILITIES COMMISSION
Chapter 9: APPROVAL OF STOCKS, BONDS AND NOTES BY PUBLIC UTILITIES COMMISSION
35-A §901. Issuance of stocks, bonds and notes
35-A §902. Commission authorization required
35-A §903. Stocks sold at less than par value
35-A §904. Approval of stocks authorized, but not issued
35-A §905. Validity of securities issued pursuant to order of commission
35-A §906. Commission authorization not required
35-A §907. Municipal or quasi-municipal corporations
35-A §908. Additional requirements as to issuance
35-A §909. Stock for organization purposes
35-A §910. Consent required for change of capital or purposes