196.525 Loans to officers or directors and loans to and investments in securities of holding companies; penalty.
(1) Except under rules prescribed by the commission, a public utility may not lend funds or credit to any of its officers or directors by any of the following and a public utility other than a telecommunications utility may not lend funds or credit to any corporation, except a public utility subject to the regulatory powers of the commission, if the corporation holds, directly or indirectly through any chain of ownership, 5 percent or more of the voting stock of the public utility or renders any managerial, supervising, engineering, legal, accounting or financial service to the public utility by any of the following:
(a) Becoming surety, guarantor or endorser upon any obligations, contingent or otherwise, of the officer, director or corporation.
(b) Loaning funds, securities or other like assets to the officer, director or corporation.
(c) Purchasing in the open market, or otherwise, any obligation upon which the officer, director or corporation may be liable solely or jointly with others.
(2) Any contract made in violation of this section shall be void and subject to cancellation and recoupment by action at law. If a contract is made contrary to the provisions of this section, the commission, after notice and hearing, may order the public utility to take steps within 30 days to recover the funds or assets thus illegally loaned or transferred by action at law or other proceedings which will effectively release the public utility from the contract as surety, guarantor or endorser.
(3) Any director, treasurer or other officer or agent of a public utility who makes or votes to authorize a transaction in violation of this section may be fined not more than $10,000.
(4) The provisions of this section shall extend to the renewal or extension of existing contracts.
History: 1983 a. 53; 1993 a. 496.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 196 - Regulation of public utilities.
196.012 - Interstate commerce.
196.015 - Total service long-run incremental cost.
196.016 - Relationship to certain federal telecommunications law.
196.025 - Duties of the commission.
196.027 - Environmental trust financing.
196.029 - Energy administration.
196.03 - Utility charges and service; reasonable and adequate.
196.05 - Public utility property; valuation; revaluation.
196.06 - Uniform accounting; forms; books; office.
196.07 - Balance sheet filed annually.
196.08 - Audit and inspection.
196.10 - Construction; accounting.
196.11 - Profit sharing and sliding scales.
196.12 - Report by public utilities; items.
196.135 - Confidential handling of records.
196.137 - Municipal utility customer information.
196.14 - Public record exception.
196.15 - Units of product or service.
196.16 - Standard measurements; accurate appliances.
196.17 - Tests of meters; fees.
196.171 - Examination of meters, pipes, fittings, wires and works; entering buildings for.
196.175 - Construction and occupancy standards.
196.19 - Publish schedules; regulations; files; joint rates.
196.191 - Telecommunications utility and alternative telecommunications utility tariffs.
196.192 - Market-based compensation, rates and contracts.
196.193 - Water and sewer rate increases without hearings.
196.194 - Gas utility individual contracts.
196.195 - Alternative telecommunications regulation plans.
196.197 - Unbundled network elements.
196.198 - Local measured telecommunications service.
196.199 - Interconnection agreements.
196.20 - Rules on service; changes in rates.
196.201 - Regulation of private shared telecommunications systems.
196.202 - Exemption of commercial mobile radio service providers.
196.203 - Exemption of alternative telecommunications utilities.
196.204 - Local government telecommunications utilities.
196.205 - Election of rate regulation.
196.206 - Interconnected voice over Internet protocol service.
196.207 - Telephone caller identification services.
196.208 - Telecommunications pay-per-call and toll-free services.
196.212 - Switched access rates.
196.216 - Small telecommunications utilities as small businesses.
196.218 - Universal service fund.
196.219 - Protection of telecommunications consumers.
196.22 - Discrimination forbidden.
196.23 - Utility service for victims of misappropriated identifying information.
196.24 - Agents of commission; powers.
196.26 - Complaint by consumers; hearing; notice; order; costs.
196.28 - Summary investigations.
196.30 - Utilities may complain.
196.31 - Intervenor financing.
196.315 - Consumer advocate funding.
196.32 - Witness fees and mileage.
196.36 - Transcripts and tapes.
196.37 - Lawful rates; reasonable service.
196.371 - Rate-making principles for electric generation facilities.
196.372 - Financial assistance for lead-containing customer-side water service lines.
196.373 - Water heater thermostat settings.
196.374 - Energy efficiency and renewable resource programs.
196.375 - Adequate service; reasonable rates.
196.377 - Renewable energy sources.
196.378 - Renewable resources.
196.39 - Change, amendment and rescission of orders; reopening cases.
196.395 - Test, conditional, emergency and supplemental orders; order conditions.
196.40 - Orders and determinations; time of taking effect.
196.43 - Injunction procedure.
196.48 - Incriminating evidence.
196.485 - Transmission system requirements.
196.487 - Reliability of electric service.
196.494 - Regional transmission planning.
196.495 - Avoidance of duplication in electric facilities.
196.496 - Distributed generation facilities.
196.499 - Regulation of telecommunications carriers.
196.503 - Telecommunications provider of last-resort obligations.
196.504 - Broadband expansion grant program; Broadband Forward! community certification.
196.5045 - Telecommuter Forward! certification.
196.505 - Construction of chapter.
196.51 - Prior permits and franchises validated.
196.53 - Franchise, foreign corporation not to have.
196.54 - Indeterminate permits.
196.58 - Municipality to regulate utilities; appeal.
196.59 - Merchandising by utilities.
196.595 - Utility advertising practices.
196.60 - Discrimination prohibited; penalty.
196.604 - Rebates, concessions and discriminations unlawful.
196.605 - Telecommunications cooperatives with federal loans.
196.61 - Facilities in exchange for compensation prohibited.
196.625 - Discrimination by telecommunications utilities.
196.63 - Telecommunications interruption in crisis situation.
196.635 - Unbilled utility service.
196.64 - Public utilities, liability for treble damages.
196.642 - Customer liability for treble damages.
196.643 - Public utility service to rental dwelling unit.
196.65 - Penalties relating to information and records.
196.66 - General forfeiture provisions.
196.665 - Unlawful combinations, trusts.
196.68 - Municipal officers, malfeasance.
196.69 - Interference with commission's equipment.
196.70 - Temporary alteration or suspension of rates.
196.71 - Municipal public utility contracts.
196.72 - Accidents; public utility report; investigation.
196.74 - Electric lines; safety and interference.
196.745 - Construction and operation; safety; commission orders.
196.76 - Other rights of action; penalties cumulative.
196.78 - Voluntary dissolution.
196.79 - Reorganization subject to commission approval.
196.795 - Public utility holding companies.
196.796 - Real estate activities.
196.80 - Consolidation or merger of utilities.
196.807 - Energy affiliate and utility employees.
196.81 - Abandonment; commission approval required.
196.84 - Commission's holding company and nonutility affiliate regulation costs.
196.85 - Payment of commission's expenditures.
196.855 - Assessment of costs against municipalities.
196.857 - Stray voltage program.
196.858 - Assessment for telephone relay service.
196.859 - Assessment for telecommunications utility trade practices.
196.86 - Assessments for air quality improvement program.