2010 Pennsylvania Code
Title 66 - PUBLIC UTILITIES
Chapter 19 - Securities and Obligations
1903 - Registration or rejection of securities certificates.

     § 1903.  Registration or rejection of securities certificates.
        (a)  General rule.--Upon the submission or completion of any
     securities certificate, as provided in this part, the commission
     shall register the same if it shall find that the issuance or
     assumption of securities in the amount, of the character, and
     for the purpose therein proposed, is necessary or proper for the
     present and probable future capital needs of the public utility
     filing such securities certificate; otherwise it shall reject
     the securities certificate. The commission may consider the
     relation which the amount of each class of securities issued by
     such public utility bears to the amount of other such classes,
     the nature of the business of such public utility, its credit
     and prospects, and other relevant matters. If, at the end of 30
     days after the filing of a securities certificate, no order of
     rejection has been entered, such certificate shall be deemed, in
     fact and law, to have been registered. The commission may, by
     written order, giving reasons therefor, extend the 30-day
     consideration period.
        (b)  Effect of registration.--Such registration or rejection
     may be as to all or part of the securities to which such
     securities certificate pertains, and any registration may be
     made subject to such conditions as the commission may deem
     reasonable in the premises. No registration, however, shall be
     construed to imply any guaranty or obligation on the part of the
     Commonwealth as to such securities, nor shall it be taken as
     requiring the commission, in any proceeding brought before it
     for any purpose, to fix a valuation which shall be equal to the
     total of such securities and any other outstanding securities of
     such public utility, or to approve or prescribe a rate which
     shall be sufficient to yield a return on such securities or the
     total securities of such public utility.
        (c)  Written notice.--Written notice of the registration or
     rejection of any securities certificate shall be served by
     registered mail upon the public utility. Every notice of
     rejection shall contain a statement of the specific reasons for
     rejection. Both registered and rejected securities certificates
     shall be retained in the files of the commission.
        (d)  Amendment of rejected certificate.--At any time within
     30 days after the commission shall have rejected a securities
     certificate, the public utility submitting such securities
     certificate may submit amendments thereto, verified by oath or
     affirmation, whereupon the commission shall again consider and
     act upon the securities certificate, as provided in subsection
     (a); but a securities certificate which shall have been twice
     rejected by the commission shall not be amended again. The
     registration by the commission of a securities certificate,
     either as completed or amended, shall bind the public utility
     submitting such securities certificate to issue or assume the
     securities only under the terms, and for the purpose recited in
     such securities certificate and the issuance or assumption of
     the securities under any other terms, or for any other purpose,
     shall be unlawful.
        (e)  Judicial review.--Appeals from the action of the
     commission upon any securities certificates may be taken as
     provided by law. The completed securities certificate shall
     constitute the record to be certified to the appellate court in
     such appeal.

        Cross References.  Section 1903 is referred to in section
     2212 of this title.