South Dakota Codified Laws 49-34A-29. Issue of security or assumption of liability by utility prohibited unless authorized by commission
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No public utility organized under the laws of this state or any public utility organized under the laws of any other state receiving more than twenty–five percent of its gross revenue in this state and which nonresident public utility is not subject to the jurisdiction of the federal power commission in the issuance of its securities shall issue any security, or assume any obligation or liability as guarantor, endorser, surety, or otherwise, in respect of any security of another person, unless and until, and then only to the extent that, upon application by the public utility, the Public Utilities Commission by order authorizes such issue or assumption of liability.
Terms Used In South Dakota Codified Laws 49-34A-29
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1975, ch 283, § 18; SL 1977, ch 394, § 1.