65-4-109 - Issuance of stocks or other evidences of indebtedness. - Tennessee Statutes

65-4-109. Issuance of stocks or other evidences of indebtedness.

No public utility shall issue any stocks, stock certificates, bonds, debentures, or other evidences of indebtedness payable in more than one (1) year from the date thereof, until it shall have first obtained authority from the authority for such proposed issue. It shall be the duty of the authority after hearing to approve any such proposed issue maturing more than one (1) year from the date thereof upon being satisfied that the proposed issue, sale and delivery is to be made in accordance with law and the purpose of such be approved by the authority.

[Acts 1919, ch. 49, § 6; Shan. Supp., § 3059a89; Code 1932, § 5452; T.C.A. (orig. ed.), § 65-409; Acts 1995, ch. 305, § 20.]