South Carolina Code 58-11-150. Restrictions on capitalization for rate-making purposes
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Terms Used In South Carolina Code 58-11-150
- commission: means the Public Service Commission of the State of South Carolina. See South Carolina Code 58-11-10
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- radio common carrier: includes persons and corporations, their lessees, assignees, trustees, receivers, or other successors in interest now or hereafter owning or operating in this State equipment or facilities for the transmission of intelligence by a modulated radio frequency signal, for compensation to the public, including all things incident thereto and related to the operation of radio transmission, but shall not include telephone utilities or services regulated by Articles 1 through 13 of Chapter 9 of Title 58 of the 1976 Code. See South Carolina Code 58-11-10
- 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 58-11-10
No radio common carrier for rate-making purposes shall capitalize its franchises, rights, powers, privileges, or right to own and operate or enjoy any such franchise, rights, powers, or privileges in excess of the amount paid to the State or to any political subdivision of the State as the consideration for the grant thereof; or to capitalize any lease, or contract of sale or contract for consolidation or merger of two or more radio common carriers; or issue by way of substitution any capital stock, trust certificates, bonds, notes, or other evidences of indebtedness, or other securities for any consolidated or merged company exceeding the aggregate value of the properties so consolidated or merged and any additional property or labor actually contributed in cash, and any additional property or labor actually contributed; provided, that the determination of such consideration or value as aforesaid shall be subject to the approval of the Commission.