Statute · California Public Utilities Code
Cal. Pub. Util. Code § 820 — Stocks and Security Transactions
Cal. Pub. Util. Code § 820
- Type
- Statute
- Source
- California Public Utilities Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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…
Citator
Cal. Pub. Util. Code § 820 — Stocks and Security Transactions is in force in the current edition of the Code, and nothing recorded condemns it.
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.