[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB3150
220 ILCS 5/6-103 from Ch. 111 2/3, par. 6-103
Amends the Public Utilities Act. Makes technical changes
in a Section concerning mergers and consolidations.
LRB9010897JSmg
LRB9010897JSmg
1 AN ACT to amend the Public Utilities Act by changing
2 Section 6-103.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Public Utilities Act is amended by
6 changing Section 6-103 as follows:
7 (220 ILCS 5/6-103) (from Ch. 111 2/3, par. 6-103)
8 Sec. 6-103. The capitalization of a public utility formed
9 by a merger or consolidation of 2 two or more corporations
10 shall be subject to the approval of the Commerce Commission,
11 but in no event shall the Commerce Commission approve a
12 capitalization exceeding the sum of the capital stock of the
13 corporations so consolidated, at the par value thereof, and
14 any additional sum actually paid in cash for improvements;
15 nor shall any contract for consolidation or lease be
16 capitalized in the stock of any corporation whatever; nor
17 shall any corporation hereafter issue any bonds against or as
18 a lien upon any contract for consolidation or merger. In any
19 reorganization of a public utility, resulting from forced
20 sale, or in any other manner, the amount of capitalization,
21 including therein all stocks and stock certificates and
22 bonds, notes and other evidences of indebtedness, shall be
23 such as is authorized by the Commerce Commission, which in
24 making its determination, shall not exceed the fair value of
25 the property involved. Issuance of stocks and stock
26 certificates, and bonds, notes or other evidences of
27 indebtedness in connection with any consolidation, merger, or
28 reorganization shall be subject to all the terms of Sections
29 6-101 and 6-102 of this Act.
30 (Source: P.A. 84-617.)