South Carolina Code 58-27-1710. Securities shall not be issued without approval of Commission; exceptions
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Terms Used In South Carolina Code 58-27-1710
- commission: means the Public Service Commission of this State. See South Carolina Code 58-27-10
- electrical utility: includes municipalities to the extent of their business, property, rates, transactions, and operations without the corporate limits of the municipality, persons and corporations, their lessees, assignees, trustees, receivers, or other successors in interest owning or operating in this State equipment or facilities for generating, transmitting, delivering, or furnishing electricity for street, railway, or other public uses or for the production of light, heat, or power to or for the public for compensation; but it shall not include an electric cooperative or a consolidated political subdivision and shall not include a person, corporation, or municipality furnishing electricity only to himself or itself, their residents, employees, or tenants when such current is not resold or used by others. See South Carolina Code 58-27-10
- municipality: includes a city, town, county, township, or any other corporation existing, created, or organized as a governmental unit under the Constitution or laws of this State except a consolidated political subdivision. See South Carolina Code 58-27-10
- securities: means and includes stock, stock certificates, bonds, notes, debentures, or other evidences of indebtedness and any assumption or guaranty thereof. See South Carolina Code 58-27-10
No electrical utility, except a municipality, shall issue any securities without the approval of the Commission. Nothing herein contained shall apply to any issue of securities payable within one year from the date thereof, except in case of issues made to refund such short-time obligations; but such short-time obligations may be renewed by similar obligations without the approval of the Commission for an aggregate period of not exceeding two years.