The power of public utilities to issue securities, in case of public utilities organized under the laws of this state, and to create liens on property in this state to secure the payment of evidences of indebtedness in case of public utilities organized under the laws of any other state or foreign country, is a privilege, the right of supervision, regulation, restriction and control of which is, and shall continue to be, vested in the state, and such power shall be exercised as provided by law and under such rules and regulations as the Commission may prescribe pursuant to law.
Laws 1947, p. 82, § 2.