District of Columbia § 34-507 Penalty for improper issuance or application of stock or proceeds.

District of Columbia Statutes

§ 34-507 — Penalty for improper issuance or application of stock or proceeds.

District of Columbia § 34-507

Title 34Public Utilities.

Ch. 5Issuance of Securities.

This text of District of Columbia § 34-507 (Penalty for improper issuance or application of stock or proceeds.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 34-507 (2026).

Text

Any public utility, or any agent, director, or officer thereof, who shall, directly or indirectly, issue or cause to be issued any stocks, certificates of stock, bonds, or other evidences of indebtedness contrary to the provisions of this subtitle, or who shall apply the proceeds from the sale thereof to any purposes other than that specified in the certificate of the Commission, shall forfeit and pay into the Treasury of the United States, to the credit of the General Fund of the District of Columbia, not less than $1,000 nor more than  $10,000 for each offense.

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Any public utility, or any agent, director, or officer thereof, who shall, directly or indirectly, issue or cause to be issued any stocks, certificates of stock, bonds, or other evidences of indebtedness contrary to the provisions of this subtitle, or who shall apply the proceeds from the sale thereof to any purposes other than that specified in the certificate of the Commission, shall forfeit and pay into the Treasury of the United States, to the credit of the General Fund of the District of Columbia, not less than $1,000 nor more than $10,000 for each offense.