Public Utilities and Carriers

Regulatory Powers of Administration

SECTION 39-3-18

§ 39-3-18. Order of division as to security issue.

The order of the division shall fix the amount, character, and terms of any issue, and the purposes to which the issue or any proceeds thereof shall be applied and recite that the money, property, consideration, or labor procured or to be procured or paid for by the issue has been, or is reasonably required for the purposes specified in the order, and the value of any property, consideration, or service as the case may be, as found by the division, for which, in whole or in part, the issue is proposed to be made. No public utility shall, without the consent of the division, apply any issue or its proceeds to any purpose not specified in the order.

History of Section.
(G.L. 1923, ch. 253, § 62; P.L. 1936, ch. 2345, § 1; G.L. 1938, ch. 122, § 58; G.L. 1956, § 39-3-18.)