§ 62-160. Permission to pledge assets. - North Carolina Statutes

Article 8.

Securities Regulation.

§ 62‑160.  Permission to pledge assets.

No public utility shall pledge its faith, credit, moneys or propertyfor the benefit of any holder of its preferred or common stocks or bonds, norfor any other business interest with which it may be affiliated through agentsor holding companies or otherwise by the authority of the action of itsstockholders, directors, or contract or other agents, the compliance or resultof which would in any manner deplete, reduce, conceal, abstract or dissipatethe earnings or assets thereof, decrease or increase its liabilities or assets,without first making application to the Commission and by order obtain itspermission so to do. (1933, c. 307, s. 17; 1963, c. 1165, s. 1.)