Ind. Code § 8-1-2-79
This is the official text of Ind. Code § 8-1-2-79, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Securities; issuance; approval; fraud; offense
Official statutory text
Sec. 79. (a) Whenever a public utility desires to issue bonds, notes, or other evidences of indebtedness, payable more than one (1) year from the execution thereof, or preferred or common stock, it shall file with the commission a petition verified by its president or vice-president, and secretary or assistant secretary, or by two (2) of its incorporators, if it has no such officers, setting forth:
(1) the principal amount of bonds, notes, or other evidences of indebtedness, and the par value or number of shares of preferred and common stock;
(2) the minimum price for which said securities are to be disposed of or sold;
(3) the purposes for which said securities are to be disposed of or sold;
(4) the description, cost, or value of any property acquired or to be acquired from the proceeds of the disposal or sale of said securities;
(5) a balance sheet and income account; and
(6) all other information that may be relevant or that may be required by the commission.
For the purpose of enabling it to determine whether the proposed issue is in the public interest, in accordance with laws touching the issuance of securities by public utilities, and reasonably necessary in the operation and management of the business of the utility in order that the utility may provide adequate service and facilities, the commission also may consider the total outstanding capitalization of the utility, including the proposed issue, in relation to the total value of or investment in the property of the utility, including the property to be acquired by the proposed issue, as shown by the balance sheet, accounts, or reports of the utility, the records of the commission, or other evidence, and the character and proportionate amount of each kind of security, including the proposed issue, and the unamortized discount suffered by the utility in the sale of the outstanding securities. The commission shall make such further inquiry or investigation, hold such hearing or hearings, and examine such witnesses, books, papers, documents, or contracts as it may deem of importance in enabling it to reach a decision.
(b) An owner, officer, or agent of any public utility who knowingly violates this section, or knowingly makes any material misrepresentation or misstatements in connection with this section, commits a Level 6 felony.
Formerly: Acts 1913, c.76, s.91; Acts 1933, c.190, s.8. As amended by Acts 1978, P.L.2, SEC.801; P.L.158-2013, SEC.130.
(1) the principal amount of bonds, notes, or other evidences of indebtedness, and the par value or number of shares of preferred and common stock;
(2) the minimum price for which said securities are to be disposed of or sold;
(3) the purposes for which said securities are to be disposed of or sold;
(4) the description, cost, or value of any property acquired or to be acquired from the proceeds of the disposal or sale of said securities;
(5) a balance sheet and income account; and
(6) all other information that may be relevant or that may be required by the commission.
For the purpose of enabling it to determine whether the proposed issue is in the public interest, in accordance with laws touching the issuance of securities by public utilities, and reasonably necessary in the operation and management of the business of the utility in order that the utility may provide adequate service and facilities, the commission also may consider the total outstanding capitalization of the utility, including the proposed issue, in relation to the total value of or investment in the property of the utility, including the property to be acquired by the proposed issue, as shown by the balance sheet, accounts, or reports of the utility, the records of the commission, or other evidence, and the character and proportionate amount of each kind of security, including the proposed issue, and the unamortized discount suffered by the utility in the sale of the outstanding securities. The commission shall make such further inquiry or investigation, hold such hearing or hearings, and examine such witnesses, books, papers, documents, or contracts as it may deem of importance in enabling it to reach a decision.
(b) An owner, officer, or agent of any public utility who knowingly violates this section, or knowingly makes any material misrepresentation or misstatements in connection with this section, commits a Level 6 felony.
Formerly: Acts 1913, c.76, s.91; Acts 1933, c.190, s.8. As amended by Acts 1978, P.L.2, SEC.801; P.L.158-2013, SEC.130.
Status: in_force · Read it on the official government site
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