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This entry was published on 2014-09-22
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SECTION 119
Reorganization of public utility corporations under the national bankruptcy act
Public Service (PBS) CHAPTER 48, ARTICLE 6
§ 119. Reorganization of public utility corporations under the
national bankruptcy act. Upon determining, after hearing and
investigation, that the outstanding liabilities of a public utility
corporation exceed its assets and that the public interest requires that
such corporation be reorganized in order to enable it to make necessary
improvements and additions to its property and facilities, and in order
to enable it to render adequate public service at reasonable rates, or
otherwise to promote the public interest, and that the officers and
directors of the corporation have failed and neglected to cause the
corporation to be reorganized, the commission may, by order, direct the
officers and directors of the corporation to file a petition, under the
provisions of the act of congress of July first, eighteen hundred
ninety-eight, entitled "An act to establish a uniform system of
bankruptcy throughout the United States," as amended, for the
reorganization of the corporation, and to perform such other acts and to
take such proceedings as may be required in such reorganization
proceeding. Upon the failure or refusal of the officers or the directors
of the corporation to comply with the said order, the commission may
institute a summary proceeding in the supreme court for the enforcement
thereof, in accordance with the procedure provided in this chapter for
the enforcement of orders of the commission.