Maine Revised Statutes Title 35-A Sec. 901 – Issuance of stocks, bonds and notes
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Subject to the requirements of this chapter any public utility, organized and existing or incorporated under the laws of this State and doing business in the State, may issue stocks, bonds which may be secured by mortgages on its property, franchises or otherwise, notes or other evidences of indebtedness payable at periods of more than 12 months after the date of issuance, when necessary for: [PL 1987, c. 141, Pt. A, §6 (NEW).]
1. Acquisition of property. The acquisition of property to be used for the purpose of carrying out its corporate powers;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 901
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Public utility: includes every gas utility, natural gas pipeline utility, transmission and distribution utility, telephone utility, water utility and ferry, as those terms are defined in this section, and each of those utilities is declared to be a public utility. See Maine Revised Statutes Title 35-A Sec. 102
- Water utility: includes every person, its lessees, trustees, receivers or trustees appointed by any court, owning, controlling, operating or managing any water works for compensation within this State, including any aqueduct organized under former Title 35, chapter 261 and any of its predecessors. See Maine Revised Statutes Title 35-A Sec. 102
2. Construction; facilities. The construction, completion, extension or improvement of its facilities;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
3. Improvement; service. The improvement or maintenance of its service;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
4. Refinancing. The discharge or lawful refunding of its obligations, including capital stock;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
5. Reimbursement. Reimbursement of its treasury for money used for the acquisition of property, the construction, completion, extension or improvement of its facilities; for the discharge or lawful refunding of its obligations; and which actually were expended from income or from other money in the treasury of the corporation not secured by or obtained from the issue of stocks, bonds, notes or other evidences of indebtedness of the corporation; or
[PL 1987, c. 141, Pt. A, §6 (NEW).]
6. Other purposes. Any other lawful purpose.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
The requirements of this chapter do not apply to a consumer-owned water utility as defined in section 6101, subsection 1?A. [PL 2023, c. 325, §2 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW). PL 2023, c. 325, §2 (AMD).