No public utility or railroad shall declare any stock, bond, or scrip dividend or distribution, or divide the proceeds of the sale of any stock, bond, or scrip among its stockholders, unless it is authorized to do so by the public utilities commission.

Terms Used In Ohio Code 4905.46

  • Bond: includes an undertaking. See Ohio Code 1.02
  • public utility: includes every corporation, company, copartnership, person, or association, the lessees, trustees, or receivers of the foregoing, defined in section 4905. See Ohio Code 4905.02

This section does not apply to telephone companies.

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