54-4-27 - Payment of dividends -- Notice -- Restraint. - Utah Statutes

54-4-27. Payment of dividends -- Notice -- Restraint.
(1) No gas or electric corporation doing business in this state shall pay any dividend uponits common stock prior to 30 days after the date of the declaration of such dividend by the boardof directors of such utility corporation.
(2) Within five days after the declaration of such dividend the management of suchcorporation shall:
(a) notify the utilities commission in writing of the declaration of said dividend, theamount thereof, the date fixed for payment of the same; and
(b) publish a notice, including the information described in Subsection (2)(a):
(i) in a newspaper having general circulation in the city or town where its principal placeof business is located; and
(ii) as required in Section 45-1-101.
(3) If the commission, after investigation, shall find that the capital of any suchcorporation is being impaired or that its service to the public is likely to become impaired or is indanger of impairment, it may issue an order directing such utility corporation to refrain from thepayment of said dividend until such impairment is made good or danger of impairment isavoided.
(4) The district court of any county in which said utility is doing business in this state isauthorized upon a suit by the commission to enforce the order of the commission, andempowered to issue a restraining order pending final determination of the action.

Amended by Chapter 388, 2009 General Session