§910. Consent required for change of capital or purposes
1.
Change of capital.
No public utility may without the consent of the commission:
A.
Decrease its capital;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
B.
Declare any stock, bond or scrip dividend; or
[PL 1987, c. 141, Pt. A, §6 (NEW).]
C.
Divide the proceeds of the sale of its own or any stock, bonds or scrip among stockholders.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
[PL 1987, c. 141, Pt. A, §6 (NEW).]
2.
Change of purpose.
No change of purposes of a public utility, unless specifically chartered, becomes effective until:
A.
Approved by the commission; and
[PL 1987, c. 141, Pt. A, §6 (NEW).]
B.
A certificate of approval is filed with the Secretary of State within 20 days of the date it is approved.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).