2006 Ohio Revised Code - 4905.46. Restrictions on dividend or distribution.

§ 4905.46. Restrictions on dividend or distribution.
 

(A)  No public utility or railroad shall declare any stock, bond, or scrip dividend or distribution, or divide the proceeds of the sale of any stock, bond, or scrip among its stockholders, unless it is authorized to do so by the public utilities commission. 

(B)  No telephone company shall declare any cash, stock, bond, or scrip dividend or distribution, or divide the proceeds of the sale of any stock, bond, or scrip among its common or voting shareholders, while such telephone company is in violation of any order of the commission, or against which telephone company there exists a finding of inadequate service, except when the public utilities commission makes a finding after hearing and notice, as provided in section 4905.26 of the Revised Code that such dividend or distribution will in no way postpone compliance with any order or affect the adequacy of service rendered or to be rendered by such telephone company. If a telephone company, while in violation of any order of the commission, or against which there exists a finding of inadequate service, desires to declare a cash dividend or distribution without the consent of the commission, it shall set aside in a special reserve fund a sum of money equivalent to the amount necessary to pay the proposed dividend or distribution, which, while said company is in violation of said order or against which such finding exists, may be expended only with the consent of the commission. 
 

HISTORY: GC § 614-58; 102 v 549(567), § 61; Bureau of Code Revision, 10-1-53; 125 v 613 (Eff 10-26-53); 140 v H 250 (Eff 7-30-84); 141 v H 821 (Eff 9-3-86); 148 v S 3. Eff 10-5-99.