No electrical utility, except a municipality, shall issue any securities without the approval of the Commission. Nothing herein contained shall apply to any issue of securities payable within one year from the date thereof, except in case of issues made to refund such short-time obligations; but such short-time obligations may be renewed by similar obligations without the approval of the Commission for an aggregate period of not exceeding two years.
HISTORY: 1962 Code Section 24-81; 1952 Code Section 24-81; 1942 Code Section 8555-2; 1932 (37) 1497; 1934 (38) 1452; 1935 (39) 207; 1937 (40) 493.