393.250. Reorganizations of gas, electrical, water and sewer corporations. - Missouri Statutes

Reorganizations of gas, electrical, water and sewer corporations.

393.250. 1. Reorganizations of gas corporations, electricalcorporations, water corporations and sewer corporations shall besubject to the supervision and control of the commission, and nosuch reorganization shall be had without the authorization of thecommission.

2. Upon all such reorganizations the amount ofcapitalization, including therein all stocks and bonds and otherevidence of indebtedness, shall be such as is authorized by thecommission, which in making its determinations, shall not exceedthe fair value of the property involved, taking intoconsideration its original cost of construction, duplicationcost, present condition, earning power at reasonable rates andall other relevant matters and any additional sum or sums asshall be actually paid in cash; provided, however, that thecommission may make due allowance for the discount of bonds.

3. Any reorganization agreement before it becomes effectiveshall be amended so that the amount of capitalization shallconform to the amount authorized by the commission. Thecommission may by its order impose such condition or conditionsas it may deem reasonable and necessary.

(RSMo 1939 § 5657, A.L. 1967 p. 578)

Prior revisions; 1929 § 5201; 1919 § 10489