§ 8-1-2-77 — Stock; consideration; discount or premium

No public utility shall issue any stock or
certificate of stock, except in consideration of money or of labor or
property at its current fair cash value as found and determined by the
commission actually received by it. No stock or certificate of stock
shall be sold at a discount or premium without the approval of the
commission and if sold at a discount, the commission shall make a
record thereof and give such publicity of the facts as it may deem
necessary at the expense of the utility. No public utility shall issue any
bonds, notes, or other evidences of indebtedness except for money or
labor or property estimated at its current fair cash value as found and
determined by the commission actually received by it equal to a sum to
be approved by the commission not less than seventy-five (75) per cent
of the face value thereof. The amount of bonds, notes, and other
evidences of indebtedness which any public utility may issue shall be
reasonable in aggregate amount, due consideration being given to the
nature of the business in which the corporation is engaged, its credit,
future prospects, and earnings, and the effect which such issue may
have upon the management and efficient operation of the public utility.
Formerly: Acts 1913, c.76, s.89; Acts 1933, c.190, s.7a; Acts
1939, c.19, s.1; Acts 1941, c.37, s.1.