Public Utilities Code - PUC
DIVISION 1. REGULATION OF PUBLIC UTILITIES [201 - 3297]
( Division 1 enacted by Stats. 1951, Ch. 764. ) PART 1. PUBLIC UTILITIES ACT [201 - 2120]
( Part 1 enacted by Stats. 1951, Ch. 764. ) CHAPTER 4. Regulation of Public Utilities [701 - 939.5]
( Chapter 4 enacted by Stats. 1951, Ch. 764. ) ARTICLE 5. Stocks and Security Transactions [816 - 830]
( Article 5 enacted by Stats. 1951, Ch. 764. ) 820.
The commission shall have no power to authorize the capitalization of the right to be a corporation, or the capitalization of any franchise or permit, or the right to own, operate, or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the State or to a political subdivision thereof as the consideration for the grant of such franchise, permit, or right. No contract for consolidation or lease shall be capitalized, nor shall any public utility issue any bonds, notes, or other evidences of indebtedness against or as a lien upon any contract for consolidation or merger.
(Enacted by Stats. 1951, Ch. 764.)