§ 62-167. Article not applicable to note issues and renewals; notice to Commission. - North Carolina Statutes

§ 62‑167.  Articlenot applicable to note issues and renewals; notice to Commission.

The provisions of the foregoing sections shall not apply to notesissued by a utility for proper purposes and not in violation of law, payable ata period of not more than two years from the date thereof, and shall not applyto like notes issued by a utility payable at a period of not more than twoyears from date thereof, to pay, retire, discharge, or refund in whole or inpart any such note or notes, and shall not apply to renewals thereof from timeto time not exceeding in the aggregate six years from the date of the issue ofthe original note or notes so renewed or refunded. No such notes payable at aperiod of not more than two years from the date thereof, shall, in whole or inpart, directly or indirectly, be paid, retired, discharged or refunded by anyissue of securities or another kind of any term or character or from theproceeds thereof without the approval of the Commission. Within 10 days afterthe making of any such notes, so payable at periods of not more than two yearsfrom the date thereof, the utility issuing the same shall file with theCommission a certificate of notification, in such form as may be determined andprescribed by the Commission. (1933, c. 307, ss. 24, 25; 1963, c. 1165, s. 1.)