(1) A public utility organized under laws of this state may, when authorized by order of the Commission, and not otherwise, issue securities when necessary for the acquisition of property, the construction, extension or improvement of its facilities, or the improvement of its service, or for the discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from income from any source, or for any other corporate purpose authorized by the Commission. Such public utility may issue securities for proper corporation purposes payable at periods of not more than twelve (12) months, without the consent of the Commission; but no such note, in whole or in part, shall be refunded by any issue of securities, with maturity date later than twelve (12) months from date of issue, without the consent of the Commission.
(2) A public utility organized under the laws of another state or foreign country may, when authorized by order of the Commission and not otherwise, create liens on property in this state to secure evidences of indebtedness when the issuance of such evidences of indebtedness is necessary for the acquisition of property, the construction, extension or improvement of its facilities, or improving of its service, or for the discharge or lawful refunding of its obligations or reimbursement of moneys actually expended from income from any source or for any other corporate purpose authorized by the Commission. The order of the Commission shall fix the amount of evidences of indebtedness secured by such lien or liens and the purposes for which such evidences of indebtedness or their proceeds are to be applied. No such public utility shall, without the consent of the Commission, apply such evidences of indebtedness or their proceeds to any purpose not specified in the order.
Laws 1947, p. 83, § 4.