Oklahoma § 17-184 - Purposes for which securities may be issued - Issuance of

§ 17-184. Purposes for which securities may be issued - Issuance of

short term securities - Foreign public utilities.

(1) A public utility organized under laws of this state may,

when authorized by order of the Commission, and not otherwise, issue

securities when necessary for the acquisition of property, the

construction, extension or improvement of its facilities, or the

improvement of its service, or for the discharge or lawful refunding

of its obligations, or reimbursement of moneys actually expended

from income from any source, or for any other corporate purpose

authorized by the Commission. Such public utility may issue

securities for proper corporation purposes payable at periods of not

more than twelve (12) months, without the consent of the Commission;

but no such note, in whole or in part, shall be refunded by any

issue of securities, with maturity date later than twelve (12)

months from date of issue, without the consent of the Commission.

(2) A public utility organized under the laws of another state

or foreign country may, when authorized by order of the Commission

and not otherwise, create liens on property in this state to secure

Oklahoma Statutes - Title 17. Corporation Commission

evidences of indebtedness when the issuance of such evidences of

indebtedness is necessary for the acquisition of property, the

construction, extension or improvement of its facilities, or

improving of its service, or for the discharge or lawful refunding

of its obligations or reimbursement of moneys actually expended from

income from any source or for any other corporate purpose authorized

by the Commission. The order of the Commission shall fix the amount

of evidences of indebtedness secured by such lien or liens and the

purposes for which such evidences of indebtedness or their proceeds

are to be applied. No such public utility shall, without the

consent of the Commission, apply such evidences of indebtedness or

their proceeds to any purpose not specified in the order.

Laws 1947, p. 83, § 4.