{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/56-69.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/56-69.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/56-69.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/56-69.html"}],"law_id":370721,"edition_id":2,"section_id":370721,"structure_id":52780,"section_number":"56-69","catch_line":"Purposes to which proceeds of security issues may be applied","history":"1934, p. 223; Michie Code 1942, \u00a7 4073(6).","full_text":"No public service company shall, without the consent of the Commission, apply the proceeds of the issue of any stock or stock certificate or other evidence of interest or ownership, or bond, note or other evidence of indebtedness, or any part thereof, to any purpose not specified in the Commission&#8217;s order, or to any purpose specified in the Commission&#8217;s order in excess of the amount authorized for such purpose, or issue or dispose of the same on any terms less favorable than those specified in such order or any modification thereof.\n\n","order_by":null,"text":{"0":{"id":1383117,"text":"No public service company shall, without the consent of the Commission, apply the proceeds of the issue of any stock or stock certificate or other evidence of interest or ownership, or bond, note or other evidence of indebtedness, or any part thereof, to any purpose not specified in the Commission&#8217;s order, or to any purpose specified in the Commission&#8217;s order in excess of the amount authorized for such purpose, or issue or dispose of the same on any terms less favorable than those specified in such order or any modification thereof.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52780,"edition_id":2,"name":"Issuance of Stocks, Bonds, Etc.","identifier":"3","label":"chapter","depth":2,"order_by":4,"parent_id":52702,"metadata":{"child_laws":24,"child_structures":0},"date_created":"2026-08-02 03:04:32","date_modified":"2026-08-02 12:35:35","permalink":{"id":1477985,"object_type":"structure","relational_id":52780,"identifier":"3","token":"56\/3","url":"\/56\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52702,"edition_id":2,"name":"Public Service Companies","identifier":"56","label":"title","depth":1,"order_by":121,"parent_id":null,"metadata":{"child_laws":710,"child_structures":93},"date_created":"2026-08-02 03:03:25","date_modified":"2026-08-02 12:35:34","permalink":{"id":1475475,"object_type":"structure","relational_id":52702,"identifier":"56","token":"56","url":"\/56\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370577,"structure_id":52780,"section_number":"56-55","catch_line":"Definitions","url":"\/56-55\/","token":"56\/3\/56-55","metadata":false},{"id":370587,"structure_id":52780,"section_number":"56-56","catch_line":"Issue of securities a special privilege subject to regulation","url":"\/56-56\/","token":"56\/3\/56-56","metadata":false},{"id":370588,"structure_id":52780,"section_number":"56-57","catch_line":"Securities to which chapter is applicable","url":"\/56-57\/","token":"56\/3\/56-57","metadata":false},{"id":370615,"structure_id":52780,"section_number":"56-58","catch_line":"Purposes for which stock, etc., may issue","url":"\/56-58\/","token":"56\/3\/56-58","metadata":false},{"id":370653,"structure_id":52780,"section_number":"56-59","catch_line":"Order required before acting as surety, guarantor, etc","url":"\/56-59\/","token":"56\/3\/56-59","metadata":false},{"id":370681,"structure_id":52780,"section_number":"56-60","catch_line":"Application for order authorizing issuance of securities or assumption of liabilities","url":"\/56-60\/","token":"56\/3\/56-60","metadata":false},{"id":370692,"structure_id":52780,"section_number":"56-61","catch_line":"Action of Commission on such application","url":"\/56-61\/","token":"56\/3\/56-61","metadata":false},{"id":370703,"structure_id":52780,"section_number":"56-62","catch_line":"Joint action with commission of another state","url":"\/56-62\/","token":"56\/3\/56-62","metadata":false},{"id":370712,"structure_id":52780,"section_number":"56-63","catch_line":"Appeal from decision of Commission on issuance of securities","url":"\/56-63\/","token":"56\/3\/56-63","metadata":false},{"id":370713,"structure_id":52780,"section_number":"56-64","catch_line":"Repealed","url":"\/56-64\/","token":"56\/3\/56-64","metadata":false},{"id":370716,"structure_id":52780,"section_number":"56-65","catch_line":"Exceptions as to issue of stock, etc., in treasury, etc","url":"\/56-65\/","token":"56\/3\/56-65","metadata":{"court_decisions":{"0":{"name":"Woodard v. 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Michie Code 1942, \u00a7 4073(6).","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}