All stocks and bonds, notes or other evidences of indebtedness, and any security of a public utility shall be void when issued:
(1) Without an order of the Public Utility Commission authorizing the same then in effect except as provided in ORS 757.412 or 757.415 (3).
(2) With the authorization of the commission, but not conforming in its provisions to the provisions, if any, which it is required by the order of authorization of the commission to contain; but no failure to comply with the terms or conditions of the order of authorization of the commission and no informality or defect in the application or in the proceedings in connection therewith or with the issuance of such order shall render void any stock or bond, note or other evidence of indebtedness, or security issued pursuant to and in substantial conformity with an order of the commission, except as to a person taking the same otherwise than in good faith and for value and without actual notice. [Amended by 1997 c.261 §1]
Section: Previous 757.335 757.340 757.345 757.350 757.355 757.400 757.405 757.410 757.412 757.415 757.417 757.419 757.420 757.425 757.430 NextLast modified: August 7, 2008