Section 65-4-109 - Issuance of stocks or other evidences of indebtedness

No public utility shall issue any stocks, stock certificates, bonds, debentures, or other evidences of indebtedness payable in more than one (1) year from the date thereof, until it shall have first obtained authority from the commission for such proposed issue. It shall be the duty of the commission after hearing to approve any such proposed issue maturing more than one (1) year from the date thereof upon being satisfied that the proposed issue, sale and delivery is to be made in accordance with law and the purpose of such be approved by the commission.Acts 1919, ch. 49, § 6; Shan. Supp., § 3059a89; Code 1932, § 5452; T.C.A. (orig. ed.), § 65-409; Acts 1995, ch. 305, § 20.