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This entry was published on 2014-09-22
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Corporate acts subject to approval of commissioner of transportation
Transportation Corporations (TCP) CHAPTER 63, ARTICLE 8
§ 104. Corporate acts subject to approval of commissioner of
transportation. It shall be necessary for such a corporation to secure
the approval of the commissioner of transportation as a condition to the
following corporate acts: The issuance of stock; the issuance of bonds,
notes or other evidences of indebtedness, payable more than twelve
months after the date of issuance; the mortgaging of property,
privileges or franchises to secure its obligations; the increase or
decrease of its capital or capital stock; the change of number of its
shares; the purchase or acquisition of stocks, bonds or other evidences
of indebtedness of any other corporation, domestic or foreign.

Such order of approval shall state that in the opinion of the
commissioner the use of the capital to be obtained by the issue of such
stock, bonds, notes, or evidences of indebtedness is reasonably required
for the purposes of the corporation, and shall specify the amount of
each issue thereof to which his approval is given.