Louisiana Revised Statutes 45:1175 – Security issues; exceptions
Terms Used In Louisiana Revised Statutes 45:1175
- commission: means the Louisiana Public Service Commission. See Louisiana Revised Statutes 45:1161
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Public utility: means any person, public or private, subject to the general jurisdiction of the commission but not including carriers by rail, water, electric or motor vehicles or pipelines, or public utilities municipally owned, or operated, or regulated, unless the electors of such municipality, and electors residing outside the municipality, who are customers of the municipally owned utility, have manifested their approval of such jurisdiction as is required by Louisiana Revised Statutes 45:1161
- Security: means any note, stock, treasury stock, bond, debenture or other evidence of interest in or indebtedness of a public utility. See Louisiana Revised Statutes 45:1161
- Statute: A law passed by a legislature.
Nothing in La. Rev. Stat. 45:1168 through 45:1174 shall apply to:
(1) The issue or renewal of, or assumption of liability on, a note or draft maturing not more than one year after the date of the issue, renewal or assumption, and such securities may be issued or liability assumed without application to or order of the commission, but no security so issued shall, in whole or in part, be refunded by any security maturing more than one year after the date of the issue, renewal or assumption except on application to and approval of the commission;
(2) A public utility the security issues of which are subject to the jurisdiction of the Federal Power Commission under the Federal Power Act1 or to the jurisdiction of the Securities and Exchange Commission under the Public Utility Holding Company Act of 1935;2 or a public utility the security issues of which are subject to approval, control, regulation or supervision by the federal government or any agency thereof under any other federal statute; or any public utility whose business is subject to regulation by the Federal Communications Commission; or any public utility conducting or carrying on its business or operations in two or more states.
(3) The issue or renewal of, or assumption of liability on, a note, debenture or other evidence of indebtedness payable to United States of America on account of a loan or loans made by United States of America to an electric public utility, as defined in La. Rev. Stat. 45:121, as amended by Acts 1970.
However, paragraph (2) of this section shall not exempt any public utility the security issues of which would be subject to regulation by the federal government or any agency thereof only if such security issues were not regulated by the commission.
Amended by Acts 1970, No. 34, §5.
116 U.S.C.A. §791a et seq.
215 U.S.C.A. §79 et seq.