§ 39-3-17 - Procedure for obtaining authority for security issues. - Rhode Island Statutes

SECTION 39-3-17

   § 39-3-17  Procedure for obtainingauthority for security issues. – (a) The proceedings for obtaining the consent and authority of the division forthe security issue as provided in §§ 39-3-15 – 39-3-23 shall beas follows:

   (1) In case the stocks, bonds, notes, or other evidence ofindebtedness are to be issued for money only, the public utility shall filewith the division a statement, signed and verified by the president andsecretary thereof, setting forth:

   (i) The amount and character of the stocks, bonds, or otherevidence of indebtedness;

   (ii) The purposes for which they are to be issued;

   (iii) The terms upon which they are to be issued;

   (iv) The total assets and liabilities of the public utilityin such detail as the division may require;

   (v) If the issue is desired for the purpose of reimbursementof money expended from income, as herein provided, the amount expended, whenand for what purposes expended; and

   (vi) Such other facts and information pertinent to theinquiry as the division may require.

   (2) If the stocks, bonds, notes, or other evidence ofindebtedness are to be issued, partly, or wholly for property or services orother consideration than money, the public utility shall file with the divisiona statement, signed and verified by its president and secretary, setting forth:

   (i) The amount and character of the stocks, bonds, or otherevidence of indebtedness proposed to be issued;

   (ii) The purposes for which they are to be issued;

   (iii) The description and value of the property or servicesfor which they are to be issued;

   (iv) The terms on which they are to be issued or exchanged;

   (v) The amount of money, if any, to be received from the samein addition to the property, service, or other consideration;

   (vi) The total assets and liabilities of the public utilityin such detail as the division may require; and

   (vii) Such other facts and information pertinent to theinquiry as the division may require.

   (b) For the purpose of enabling the division to determinewhether it should issue the order, it shall hold such hearings, make suchinquiries or investigations, examine such witnesses, books, papers, documents,and contracts as it may deem proper.