TITLE 39
Public Utilities and Carriers

CHAPTER 39-3
Regulatory Powers of Administration

SECTION 39-3-17


§ 39-3-17 Procedure for obtaining authority for security issues.

(a) The proceedings for obtaining the consent and authority of the division for the security issue as provided in §§ 39-3-15 – 39-3-23 shall be as follows:

(1) In case the stocks, bonds, notes, or other evidence of indebtedness are to be issued for money only, the public utility shall file with the division a statement, signed and verified by the president and secretary thereof, setting forth:

(i) The amount and character of the stocks, bonds, or other evidence of indebtedness;

(ii) The purposes for which they are to be issued;

(iii) The terms upon which they are to be issued;

(iv) The total assets and liabilities of the public utility in such detail as the division may require;

(v) If the issue is desired for the purpose of reimbursement of money expended from income, as herein provided, the amount expended, when and for what purposes expended; and

(vi) Such other facts and information pertinent to the inquiry as the division may require.

(2) If the stocks, bonds, notes, or other evidence of indebtedness are to be issued, partly, or wholly for property or services or other consideration than money, the public utility shall file with the division a statement, signed and verified by its president and secretary, setting forth:

(i) The amount and character of the stocks, bonds, or other evidence of indebtedness proposed to be issued;

(ii) The purposes for which they are to be issued;

(iii) The description and value of the property or services for which they are to be issued;

(iv) The terms on which they are to be issued or exchanged;

(v) The amount of money, if any, to be received from the same in addition to the property, service, or other consideration;

(vi) The total assets and liabilities of the public utility in such detail as the division may require; and

(vii) Such other facts and information pertinent to the inquiry as the division may require.

(b) For the purpose of enabling the division to determine whether it should issue the order, it shall hold such hearings, make such inquiries or investigations, examine such witnesses, books, papers, documents, and contracts as it may deem proper.

History of Section.
(G.L. 1923, ch. 253, § 62; P.L. 1936, ch. 2345, § 1; G.L. 1938, ch. 122, § 58; G.L. 1956, § 39-3-17; P.L. 1997, ch. 326, § 106.)