Stocks and Other Securities of Common Carriers by Rail

Section 228:76

    228:76 Authority to Issue Securities. – A common carrier by rail lawfully engaged in business in this state may, with the approval of the department, but not otherwise, issue and sell its stock, bonds, notes and other evidences of indebtedness payable more than 12 months after the date thereof for lawful corporate purposes. The proposed issue and sale of securities shall be approved by the department when it finds that the same is consistent with the public good. Such approval shall extend to the amount of the issue authorized and the purpose or purposes to which the securities or the proceeds thereof are to be applied, and shall be subject to such reasonable terms and conditions as the department may find to be necessary in the public interest; provided, however, that the provisions of RSA 293-A shall be observed by corporations organized under the laws of this state in respect of the corporate authorization required and of other formalities to be observed.

Source. 1985, 402:14.