Any long-term borrowing, payable in whole or in part more than 12 months after date of issuance, by a water or sewage disposal company regulated by the Commission shall be void and of no force and effect unless made with the prior approval of, or until approved by, the Commission.

Authority: Public Utilities Article, §§2-121 and 5-204, Annotated Code of Maryland

Effective date: October 11, 1982 (9:20 Md. R. 1982)