Wisconsin Statutes 201.03 – Issue of securities
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Terms Used In Wisconsin Statutes 201.03
- Commission: means the office of the commissioner of railroads in the case of water carriers and the public service commission in the case of other public service corporations. See Wisconsin Statutes 201.01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Securities: means capital stock and evidences of indebtedness of a public service corporation, but do not include any of the following:
(a) Any obligation of a public service corporation which is not a public utility as defined in the federal Power Act, falling due one year or less after its date and bearing date not later than the day of sale. See Wisconsin Statutes 201.01
(1) No securities shall be issued by any public service corporation until it shall first have obtained from the commission, and recorded upon its books a certificate authorizing such issue; and the commission shall not authorize the issuance of securities for any purposes which are not proper corporate purposes, or in an amount greater than is reasonably necessary for such corporate purposes, having in view the immediate requirements of the corporation and its prospective requirements over a reasonable period in the future, and other relevant considerations.
(2) All securities issued in violation of any of the provisions of this chapter shall be void.