§ 49-04-04 — Power of public utility to issue evidence of indebtedness

The power of a public utility to issue stocks, bonds, notes, and other evidences of
indebtedness or to create liens upon its property situated in this state, except such as are
payable within one year from date of issue, is a special privilege and shall be exercised by such
utility under the supervision, regulation, restriction, and control of the commission, subject to
such rules and regulations as the commission may prescribe. This section does not apply to the
issuance by public utilities of securities registered with the federal securities and exchange
commission or to the issuance by public utilities of securities not involving any public offering.