Ark. Code Ann. § 23-3-103
This is the official text of Ark. Code Ann. § 23-3-103, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Stocks, bonds, notes, etc., and creation of liens - Regulation by commissions
Official statutory text
(a) (1) The power of public utilities to issue stocks, stock certificates, bonds, notes, and other evidences of indebtedness in case of public utilities incorporated under the laws of this state and to create liens on property in this state in case of public utilities incorporated under the laws of any state or foreign country is a special privilege, the right of supervision, regulation, restriction, and control of which is, and shall continue to be, vested in the state. (2) The power of public utilities described in subdivision (a)(1) of this section shall be exercised as provided by law and under such rules as the Arkansas Public Service Commission may prescribe. (b) In instances where the public utility is also a regional transmission organization that is jurisdictional to the Federal Energy Regulatory Commission and the debt is authorized by the Federal Energy Regulatory Commission and does not create a lien on property in this state, no commission authorization is required. Amended by Act 2019, No. 315,§ 2378, eff. 7/24/2019. Amended by Act 2015, No. 899,§ 1, eff. 7/22/2015. Acts 1935, No. 324, § 58; Pope's Dig., § 2118; A.S.A. 1947, § 73-254.
(a) (1) The power of public utilities to issue stocks, stock certificates, bonds, notes, and other evidences of indebtedness in case of public utilities incorporated under the laws of this state and to create liens on property in this state in case of public utilities incorporated under the laws of any state or foreign country is a special privilege, the right of supervision, regulation, restriction, and control of which is, and shall continue to be, vested in the state. (2) The power of public utilities described in subdivision (a)(1) of this section shall be exercised as provided by law and under such rules as the Arkansas Public Service Commission may prescribe.
(1) The power of public utilities to issue stocks, stock certificates, bonds, notes, and other evidences of indebtedness in case of public utilities incorporated under the laws of this state and to create liens on property in this state in case of public utilities incorporated under the laws of any state or foreign country is a special privilege, the right of supervision, regulation, restriction, and control of which is, and shall continue to be, vested in the state.
(2) The power of public utilities described in subdivision (a)(1) of this section shall be exercised as provided by law and under such rules as the Arkansas Public Service Commission may prescribe.
(b) In instances where the public utility is also a regional transmission organization that is jurisdictional to the Federal Energy Regulatory Commission and the debt is authorized by the Federal Energy Regulatory Commission and does not create a lien on property in this state, no commission authorization is required.
Amended by Act 2019, No. 315,§ 2378, eff. 7/24/2019.
Amended by Act 2015, No. 899,§ 1, eff. 7/22/2015.
Acts 1935, No. 324, § 58; Pope's Dig., § 2118; A.S.A. 1947, § 73-254.
(a) (1) The power of public utilities to issue stocks, stock certificates, bonds, notes, and other evidences of indebtedness in case of public utilities incorporated under the laws of this state and to create liens on property in this state in case of public utilities incorporated under the laws of any state or foreign country is a special privilege, the right of supervision, regulation, restriction, and control of which is, and shall continue to be, vested in the state. (2) The power of public utilities described in subdivision (a)(1) of this section shall be exercised as provided by law and under such rules as the Arkansas Public Service Commission may prescribe.
(1) The power of public utilities to issue stocks, stock certificates, bonds, notes, and other evidences of indebtedness in case of public utilities incorporated under the laws of this state and to create liens on property in this state in case of public utilities incorporated under the laws of any state or foreign country is a special privilege, the right of supervision, regulation, restriction, and control of which is, and shall continue to be, vested in the state.
(2) The power of public utilities described in subdivision (a)(1) of this section shall be exercised as provided by law and under such rules as the Arkansas Public Service Commission may prescribe.
(b) In instances where the public utility is also a regional transmission organization that is jurisdictional to the Federal Energy Regulatory Commission and the debt is authorized by the Federal Energy Regulatory Commission and does not create a lien on property in this state, no commission authorization is required.
Amended by Act 2019, No. 315,§ 2378, eff. 7/24/2019.
Amended by Act 2015, No. 899,§ 1, eff. 7/22/2015.
Acts 1935, No. 324, § 58; Pope's Dig., § 2118; A.S.A. 1947, § 73-254.
Status: in_force
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