Page:United States Statutes at Large Volume 41 Part 1.djvu/516

 SIXTY—SIXTH CONGRESS. Sess. II. Ch. 91. 1920. 495 proposed assumption of obligation or liability in respect of the ·¤=ms¤·¤¤·rnr¢>N Mr. securities of any other person, natural or artificial, the Commission object sudmcasay by order authorizes such issue or assumption. The Commission ;*g0v{§“°» °*°·· *° '>° shall make such order only if it Bnds that such issue or assum tion: ` (a) is for some lawful object within its corporate piuposes, andp compatible with the public interest, which is necessary or appropriate or or consistent with the proper performance by the carrier of service to the public as a common carrier, and whic will not impair its ability to perform that service, and (b) is reasonably necessary and a propriate for such puépose. _ _ " (3i) The Commission sh have power by its order to grant or C.,‘ .?L "“'°“ ‘° deny the application as made, or to grant it in part and deny it in part, or to grant it with such modifications and upon such terms and conditions as the Commission may deem necessary or appropriate in the premises, and may from time to time, for good cause s own, make such supplemental orders in the premises as it may deem necessary or appropriate, and may by any such supplemental order modify the provisions of any ppevious order as to the dparticular purposes, uses, and extent to w 'ch, or the conditions un er which, any securities so theretofore authorized or the proceeds thereof may be appliid? subject always to the requirements of the foregoing aravra 2. P " (il) livery a plication for authority shall be made in such form m@g{,’{‘,f,¥;,*§Y,'“C,,§,‘{m”,;; and contain sucii matters as the Commission may prescribe. Every siegnérm ti m such application, as also every certificate of notification hereinafter °° °°’ ' provid for, shall be made under oath, signed and Bled on behalf of the carrier by its president, a vice president, auditor, comptroller, or other executive officer having knowledge of the matters therein set forth and duly designated for that purpose by the carrier. Nm H of db "Q5) Whenever any securities set forth and described in any pmi °1°$1¤ii'§¤a, ac., apphcation for authority or certificate of notification as pledged or “°°“““°°· he d unencumbcred in the treasury of the carrier shall, subs nent to the Bling of such application or certificate, be sold, p&ged, repledged, or otherwise isposed of by the carrier, such carrier shall, within ten days after such sale, pledge, re ledge, or other disposition, file with the Commission a certificate ofp not1Bcation to that effect, setting forth therein all such facts as may be required by the Commission. _" {6) Upon receipt of any such application for authority the Com- a4i¤°i‘°° °° °"u°°` mission shall cause notice thereof  e given to and a copy Bled with N°"°°°“°“*°‘°‘ the governor of each State in which the applicant carrier operates. R,,,,,,,,,,,,;,,,, b, The railroad commissions, public service or utilities commissions, ¤¢•¤¤•¤*·¤¤*¤*¤¤· or other appropriate State authorities of the State shall have the ’ right to ma e efore the Commission_ such representations as they maiy_deem just and proper for preserving and conservin the rights an interests of their piople and the States respectivegf, invo ved H,,,m,_ in such   e Commission may hold hea, if it sees Bt,t11;o inable it to determine its decision upon the appication for au · on . “ gv) ite jussaactatn conferred upon at commission by as ..{.‘.‘§0*if".€i”é?.?.?$e€’°“" section shall be exclusive and plenary, and a carrier may issue securities and assume obligations or liabilities in accordance with the provilggéni of this section without securing approval other than as spec erein. {(8) _Nothing herein shall be construed to impl any guaranty or otiiesilizgl gm` obligation as to such securities on the art of the lilnited States- Pmmm ,,0, ,,pp,,_ ‘ (9) The foregoing tgrovisions of tliis section shall not apply to cable no um-¤-amt notes to be issued by e carrier maturing not more than two years °°‘“‘ after the_date thereof and aggregating (together with all Other tllfm outstanding notes of a maturity of two years or less) not more than 5 per centum of the par value o the securities of the carrier then out-