(1) Any public utility desiring to issue securities, or to create liens to secure evidences of indebtedness, shall file with the Commission an application verified by its president or vice-president, (or by the signers of its articles of organization if it has not yet elected officers), setting forth: (1) The amount and character of the proposed securities or liens; (2) the general purposes for which they are to be issued or created, including a description and statement of the value of any property or services that are to be received in full or partial payment for the securities or in a proper case the evidences of indebtedness to be secured by the lien or liens, and of any property or services already received by the public utility, the cost of which is to be reimbursed to the public utility by the proceeds of such securities or evidences of indebtedness; and (4) a balance sheet of the public utility as of the most recent available date.
(2) The Commission shall examine all applications filed with it pursuant to this act, and if the proposed issue of securities or creation of lien or liens complies with the provisions of this act, it shall issue to the public utility a certificate of authority permitting such issue or creation.
Laws 1947, p. 83, § 5.