Any electrical utility, except a municipality, desiring to issue any securities may apply to the commission for approval of the proposed issue by filing with the commission and providing a copy of an application to the Office of Regulatory Staff, together with a statement verified by (a) its president and secretary or other proper officers, (b) two of its incorporators, or (c) by its owner or owners, if it has no such officers, setting forth:

1. (1) the amount and character of securities proposed to be issued;
2. (2) the purpose for which they are to be issued;
3. (3) the consideration for which they are to be issued;
4. (4) the description and estimated value of the property, if any, to be acquired through the proposed issue;
5. (5) the terms and conditions of their issuance; and
6. (6) the financial condition of the electrical utility and its previous operations so far as relevant.

HISTORY: 1962 Code Section 24-82; 1952 Code Section 24-82; 1942 Code Section 8555-2; 1932 (37) 1497; 1934 (38) 1452; 1935 (39) 207; 1937 (40) 493; 2006 Act No. 318, Section 199, eff May 24, 2006.