Louisiana Revised Statutes 45:1168 – Security issues and assumptions of liability; commission’s authorization necessary
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Terms Used In Louisiana Revised Statutes 45:1168
- commission: means the Louisiana Public Service Commission. See Louisiana Revised Statutes 45:1161
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Public utility: means any person, public or private, subject to the general jurisdiction of the commission but not including carriers by rail, water, electric or motor vehicles or pipelines, or public utilities municipally owned, or operated, or regulated, unless the electors of such municipality, and electors residing outside the municipality, who are customers of the municipally owned utility, have manifested their approval of such jurisdiction as is required by La. See Louisiana Revised Statutes 45:1161
- Security: means any note, stock, treasury stock, bond, debenture or other evidence of interest in or indebtedness of a public utility. See Louisiana Revised Statutes 45:1161
No public utility shall issue any security, or assume any obligation or liability as guarantor, endorser, surety, or otherwise in respect of any security of any other public utility, as defined in this Part or of any other person until it has been authorized to do so by order of the commission.