I. No common carrier by rail engaged in business within this state shall issue or renew any notes, bonds, or other evidences of indebtedness payable less than 12 months after the date thereof, except as provided in this section, by rules adopted by the department, or by specific order of the department in an individual case.
II. The department may adopt rules under N.H. Rev. Stat. Chapter 541-A relative to a reasonable amount of the notes, bonds, or other evidences of indebtedness based on the amount of their respective plant investment which each carrier shall not exceed without first obtaining the approval of the department. In establishing the amounts of the notes, bonds, and other evidences of indebtedness which the carrier is permitted to issue or renew without prior department approval, the department shall consider the size, circumstances, and other characteristics of each carrier, the aggregate term of the renewals of such notes, bonds, and other evidences of indebtedness, and the time period and manner for reporting such renewals to the department.