Missouri Revised Statutes
Chapter 392 - Telephone and Telegraph Companies
Section 392.310 - Approval of issues of stocks, bonds and other forms of indebtedness.

Effective - 28 Aug 1987
392.310. Approval of issues of stocks, bonds and other forms of indebtedness. — 1. A telecommunications company may, when authorized by order of the commission, and not otherwise, issue stock, bonds, notes or other evidence of indebtedness payable at periods of more than twelve months after the date thereof when necessary for the acquisition of property, the construction, completion, extension or improvement of its facilities or the improvement or maintenance of its service within the state, or for the discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from the income from any source, within five years next prior to the filing of the application therefor, or for any of such purposes; provided, however, that no order shall be granted authorizing such issue for reimbursement of moneys expended from income for betterments or replacements unless the applicant shall have kept its accounts and vouchers of such expenditures in such manner as to enable the commission to ascertain the amount of moneys so expended and the purposes for which such expenditures were made.
2. The commission may by order authorize the issue of bonds, notes or other evidence of indebtedness for the reimbursement of moneys heretofore actually expended from income for any of the purposes herein specified. The order of the commission shall fix the amount of any such issue and the purposes to which it or its proceeds are to be applied and recite that in the opinion of the commission the money, property or labor procured or to be procured or paid for by such issue or its proceeds has been or is reasonably required for the purposes specified in the order, and that such purposes are in no part reasonably chargeable to operating expenses or to income except in the case of bonds, notes or other evidence of indebtedness as may be permitted in the order.
3. For the purpose of enabling the commission to determine whether it should issue such an order the commission shall make such inquiry or investigation, hold such hearings and examine such witnesses, books, papers, documents or contracts as it may determine of importance in enabling it to reach a determination.
4. No such company shall, without the consent of the commission, apply any such issue or its proceeds to any purpose not specified in the order. Such telecommunications company may issue notes for proper business purposes and not in violation of any provision of this chapter, or of any other law, payable at periods of not more than twelve months, without the consent of the commission; but no such note shall, in whole or in part, directly or indirectly, be refunded by any issue of stock or bonds, or by any evidence of indebtedness running for more than twelve months, without the consent of the commission.
5. No telecommunications company shall be required, however, to apply to the commission for authority to issue stocks, bonds, notes or other evidence of indebtedness except for the acquisition of property, the construction, completion, extension or improvement of its facilities, or the improvement or maintenance of its service within the state, or the discharge or refunding of obligations, or reimbursement of moneys actually expended for such purposes.
6. The commission shall have no power to authorize the capitalization of any franchise or right to be a corporation, or to authorize the capitalization of any franchise, or the right to own, operate or enjoy any franchise whatsoever in excess of the amount (exclusive of any tax or annual charge) actually paid to the state or any political subdivision thereof, as the consideration of the grant of such franchise or right, nor shall the corporate stock of the corporation formed by the merger or consolidation of two or more other corporations exceed the sum of the capital stock of the corporation so consolidated, at the par value thereof, or such sum and any additional sum actually paid in cash; nor shall any contract for consolidation or lease be capitalized in the stock of any corporation whatever; nor shall any corporation hereafter issue any bonds against or as a lien upon any contract for consolidation or merger.
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(RSMo 1939 § 5676, A.L. 1987 H.B. 360)
Prior revisions: 1929 § 5220; 1919 § 10508

Structure Missouri Revised Statutes

Missouri Revised Statutes

Title XXV - Incorporation and Regulation of Certain Utilities and Carriers

Chapter 392 - Telephone and Telegraph Companies

Section 392.010 - Telephone and telegraph corporations, by whom and how formed.

Section 392.020 - Articles, where filed — powers when incorporated.

Section 392.030 - Powers of corporation.

Section 392.040 - Election of directors — appointment of officers.

Section 392.050 - Directors, procedure for election of.

Section 392.060 - Meeting of board.

Section 392.070 - Consolidation of companies.

Section 392.080 - May construct lines on public roads — consent of city required — constructive easement acquired, when.

Section 392.090 - Mode of construction may be directed, by whom.

Section 392.100 - May enter upon lands, when.

Section 392.110 - No contract for exclusive use of land.

Section 392.120 - Power to own and maintain lines.

Section 392.130 - Companies to provide facilities to meet public needs — penalty for failure to deliver messages.

Section 392.140 - Duties in forwarding dispatches over other lines.

Section 392.150 - Employees to notify sender when message cannot be transmitted immediately — penalty.

Section 392.160 - Penalty for transmitting false communications.

Section 392.170 - Liability for negligence in transmitting and delivering messages — not to disclose contents — penalty.

Section 392.175 - Operator services, live operator to be provided, when.

Section 392.180 - What definitions to apply.

Section 392.185 - Purpose of chapter.

Section 392.190 - Application of sections 392.190 to 392.530.

Section 392.200 - Adequate service — just and reasonable charges — unjust discrimination — unreasonable preference — reduced rates permitted for federal lifeline connection plan — delivery of telephone and telegraph messages — customer — specific pri...

Section 392.201 - Electronic publishing limitations — adoption of provisions — public service commission to administer — exception.

Section 392.205 - Public schools to have reduced rates.

Section 392.210 - Reports and records of telecommunication companies.

Section 392.220 - Rates, schedules, suspension of, when — revocation of certificate of service, penalty.

Section 392.230 - Charges for short and long distance service — power of commission to stay increased rates — hearing, requirements, small telephone company, requirements.

Section 392.240 - Rates — rentals — service and physical connections.

Section 392.245 - Companies to be regulated, when — maximum prices, determined how, changed how — classification — change of rates — nonwireless basic local telecommunications services, exempt from maximum allowable prices.

Section 392.246 - Petition for rate relief — relief to be granted, when.

Section 392.248 - Universal service board created, purpose, powers, duties, members — assessment, failure to pay, penalty — eligibility for funding — carriers of last resort — commission's duties — limited liability.

Section 392.250 - Power of commission to order repairs or changes.

Section 392.270 - Power of commission to ascertain valuation of property of telegraph and telephone corporations.

Section 392.280 - Depreciation account required — application for change, information required — ruling, when — minimum rates in lieu of fixed rates.

Section 392.290 - Right to issue stocks, bonds and notes is subject to regulation by state — exception — limitation on powers of commission.

Section 392.300 - Transfer of property and ownership of stock without consent of commission prohibited — impact of transfer on local tax revenues, information on to be furnished, to whom, procedure.

Section 392.310 - Approval of issues of stocks, bonds and other forms of indebtedness.

Section 392.320 - Certificate of commission to be recorded — stock dividends, permitted when.

Section 392.330 - Account for disposition of proceeds — issue void, when, exception — penalties — state not liable.

Section 392.340 - Reorganization.

Section 392.350 - Liability for loss or damage.

Section 392.360 - Forfeiture — penalties.

Section 392.361 - Classification of telecommunications company, services — procedure — effect of classification.

Section 392.370 - Transitionally competitive telecommunications services, classified when.

Section 392.380 - Applicability of law to competitive and transitionally competitive telecommunications companies and services.

Section 392.390 - Minimum requirements of telecommunications companies, reports to be filed with commission.

Section 392.400 - Noncompetitive telecommunication services, rates not to cover expenses of competitive services, exception — complaint may be filed by another company, purpose — commission may examine records, purpose.

Section 392.410 - Certificate of public convenience and necessity required, exception — certificate of interexchange service authority, required when — duration of certificates — temporary certificates, issued when — political subdivisions restricted...

Section 392.415 - Call location information to be provided in emergencies — immunity from liability, when.

Section 392.420 - Regulations, modification of, company may request by petition, when — waiver, when.

Section 392.430 - Certificates to be approved, when.

Section 392.440 - Service authority, certificate of, approved when.

Section 392.450 - Requirements, approval of certificates — commission to adopt rules — modification, when — federal law not preempted.

Section 392.451 - State adopts federal exemption for certain rural telephone companies.

Section 392.455 - Commission to establish certification process.

Section 392.460 - Abandonment of service, commission must approve — definitions — carriers of last resort, relief from obligation, when, criteria, waivers — exemption for St. Louis County*, St. Louis City, portions of Kansas City.

Section 392.461 - Exemption from certain rules, telecommunications companies.

Section 392.470 - Conditions, commission may impose, when — compensation to other companies, when, commission may order.

Section 392.475 - Prohibition of resale, when.

Section 392.480 - Services to be offered under tariff.

Section 392.500 - Changes in rates, competitive telecommunication services, procedure.

Section 392.510 - Tariffs, bands and ranges allowed, when, requirements.

Section 392.520 - Private shared tenant services, coin operated telephone services, regulation of.

Section 392.530 - Construction of provisions of the chapter.

Section 392.540 - Public service commission to promulgate rules on changes of telecommunications providers.

Section 392.550 - Interconnected voice over internet protocol service, registration required — charges to apply — procedure for registration — authority of commission.

Section 392.605 - Local exchange telecommunications companies to decrease certain rates for three years — exemption.

Section 392.611 - Inapplicability of laws and rules, when — universal service fund surcharge — broadband not subject to regulation, when — no exemption from rules, when — alternative certification.