§ 80.08.080. Capitalization of franchises or merger contracts prohibited
The commission shall have no power to authorize the capitalization of the right to be a corporation, or to authorize the capitalization of any franchise or permit whatsoever or the right to own, operate or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the state or to a political subdivision thereof as the consideration for the grant of such franchise, permit or right; nor shall any contract for consolidation or lease be capitalized, nor shall any public service company hereafter issue any bonds, notes or other evidences of indebtedness against or as a lien upon any contract for consolidation or merger.
[1961 c 14 § 80.08.080. Prior: 1933 c 151 § 7; RRS § 10439-7.]
Sections: Previous 80.08.010 80.08.020 80.08.030 80.08.040 80.08.043 80.08.047 80.08.080 80.08.090 80.08.100 80.08.110 80.08.120 80.08.130 80.08.140 80.08.150 80.08.160 NextLast modified: April 7, 2009