§ 15A — Issue or sale of bonds, etc. at less than par value or face amount

Massachusetts § 15A

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 164: MANUFACTURE AND SALE OF GAS AND ELECTRICITY

Text

Section 15A. Except as otherwise provided in this section, a gas or electric company shall not issue or sell any bonds, debentures, notes or other evidences of indebtedness payable at periods of more than one year after the date thereof at less than the par value or face amount thereof. If the department finds than any such issue or sale below such par value or face amount is in the public interest, it may, notwithstanding the provisions of this or any other section, authorize the issue or sale of such bonds, debentures, notes or other evidences of indebtedness at less than the par value or face amount thereof and with such requirements for the amortization of the discount as it may deem necessary in the public interest. Its determination shall be made part of the vote of the department as provided in section fourteen and shall be certified and recorded as therein prescribed.