2010 Pennsylvania Code
Title 66 - PUBLIC UTILITIES
Chapter 19 - Securities and Obligations
1901 - Registration of securities to be issued or assumed.

                                CHAPTER 19
                        SECURITIES AND OBLIGATIONS

     Sec.
     1901.  Registration of securities to be issued or assumed.
     1902.  Contents of securities certificates.
     1903.  Registration or rejection of securities certificates.
     1904.  Unauthorized securities may be declared void.

        Enactment.  Chapter 19 was added July 1, 1978, P.L.598,
     No.116, effective in 60 days.
        Cross References.  Chapter 19 is referred to in sections
     2212, 3304, 3305 of this title.
     § 1901.  Registration of securities to be issued or assumed.
        (a)  General rule.--Under such regulations as the commission
     may prescribe, every public utility, before it shall issue or
     assume securities, shall file with the commission and receive
     from it, notice of registration of a document to be known as a
     securities certificate.
        (b)  Issuance of securities defined.--Issuance of securities
     includes any act of a public utility executing, causing to be
     authenticated, delivering or making any change or extension in
     any term, condition or date of, any stock certificate, or other
     evidence of equitable interest in itself or any bond, note,
     trust certificate or other evidence of indebtedness of itself.
     Issuance of securities does not include the execution,
     authentication or delivery of the following:
            (1)  Securities to replace identical securities lost,
        mutilated or destroyed while in the ownership of a bona fide
        holder-for-value who properly indemnifies the public utility
        therefor.
            (2)  Securities in exchange for the surrender of
        identical securities, solely for the purpose of registering
        or facilitating changes in the ownership thereof between bona
        fide holders-for-value, which surrendered securities are
        thereupon cancelled.
            (3)  Securities from the treasury of the public utility
        previously reacquired from bona fide holders-for-value and
        held alive.
            (4)  Any evidence of indebtedness, the date of maturity
        of which is at a period of less than one year from the date
        of its execution.
            (5)  Any evidence of indebtedness for which no date of
        maturity is fixed but which matures upon demand of the
        holder.
            (6)  Any evidence of indebtedness in the nature of a
        contract between a public utility and a vendor of equipment
        wherein the public utility promises to pay installments upon
        the purchase price of equipment acquired and which is not in
        the form of an equipment trust certificate or similar
        instrument readily marketable to the general public.
        (c)  Assumption of securities defined.--Assumption of
     securities includes any act of a public utility assuming primary
     or contingent liability for the payment of any dividends upon
     any stocks or of any principal or interest of any indebtedness,
     created or incurred by any other person or corporation.
     Assumption of securities does not include the acquisition of all
     property of the issuing company by the assuming company as
     provided in section 1102(3) (relating to enumeration of acts
     requiring certificate) if the approval of the commission is
     obtained.