66-1214. Payment of dividends prohibited, when; hearing. - Kansas Statutes

66-1214

Chapter 66.--PUBLIC UTILITIES Article 12.--MISCELLANEOUS PROVISIONS

      66-1214.   Payment of dividends prohibited, when; hearing.The state corporation commission, if it shall determine on complaint orupon its own initiative, and after hearing on due notice in accordancewith the provisions of the Kansasadministrative procedure act, that the paymentof any dividend by a public utility company subject to the jurisdiction ofthe commission will impair the financial condition of suchcompany so that such company cannot maintain its property in reasonablyefficient operating conditionand render adequate service to its patrons at reasonable rates, shall enteran order prohibiting the payment of such dividends until such time as suchcompany has shown to the commission that theconditions upon which suchorder was based have ceased to exist.

      History:   L. 1933, ch. 88, § 2 (Special Session);L. 1988, ch. 356, § 264; July 1, 1989.