Certificate for building part of line. Section 1797-51. Whenever an application is made by a railroad company for a certificate of public convenience and necessity, as required by sections 1797-39 to 1797-60, inclusive, and it shall appear to the railroad commission after an examination of the proposed route of the applicant company that public convenience and a necessity do not require the construction of said railroad as proposed in its application, but do require the construction of a part of said proposed railroad, the said railroad commission may issue a certificate for the construction of such part of said proposed railroad as seems to them to be required by public convenience and necessity. Revocation of certificate. Section 1797-52. In case any railroad company hereafter obtaining a certificate from the railroad commission that public convenience and a necessity require the construction of the whole or part of its proposed railroad shall fail to begin such construction within one year from the date of the issuing of said certificate, or having begun such construction, shall fail to prosecute the same, the railroad commission may inquire into the reasons for such failure and may revoke the said certificate, if it shall appear after notice and hearing that such failure is unreasonable. Roads under act. Section 1797-53. The provisions of sections 1797-39 to 1797-60, inclusive, shall apply to all steam, electric and other surface railroads in this state, except construction or extension of electric railroads in cities, and to railroads for the construction of which municipal aid has heretofore been voted and now available upon completion. Railroad routes, limited alteration. Section 1797-58.1 Every railroad company in this state, may, by the vote of twothirds of all its directors, alter or change the route or any portion of the route of its railroad, whether the same is constructed or in process of construction, if it shall appear to them that by such change the line thereof can be materially improved, by making and filing in the office of the railroad commission and also by recording in the office of the register of deeds of the county or counties where such alteration or change is to be made, a surveyed map and certificate of such alteration or change, provided that such alteration or change shall not deviate from the original route of such railroad as approved by the railroad commission for a greater distance than one mile at any point and provided that no incorporated city or village shall be left off from the line of said railroad by such change of route and also provided that the original termini of said railroad, or the route in any city or village, shall not be changed by such alteration or change of route without the approval of the railroad commission after notice to the municipality in which the change is to be made. (Ch. 600, 1913.) 1 See also section 1832, p. 48. Notices in counties without newspapers. Section 1797-59. If no newspapers shall be published in any county in which the road is proposed to be located, the publications required by sections 1797-39 to 1797-60, inclusive, may be made in such manner and at such places as the railroad commission shall designate. Pending actions unaffected. Section 1797-60. Nothing contained in sections 1797-39 to 1797-60, inclusive, shall in any manner affect any suit or prosecution had or commenced in any court prior to May 29, 1907. STOCK AND BOND LAW. Issue of corporation stocks and bonds; consideration; fictiticus increase void. Section 1753. No corporation shall issue any stock or certificate of stock except in consideration of money or of labor or property estimated at its true money value, actually received by it, equal to the par value thereof, nor any bonds or other evidences of indebtedness except for money or for labor or property estimated at its true money value, actually received by it, equal to seventy-five per cent of the par value thereof, and all stocks and bonds issued contrary to the provisions of law and all fictitious increase of the capital stock of any corporation shall be void. Definitions. Section 1753-1. The term "public service corporation" when used in sections 1753-1 to 1753-22, inclusive, shall mean and embrace every railroad, street railway, telegraph, telephone, express, freight line, sleeping car, light, heat, water, and power corporation, and all other corporations, excepting towns, villages, and cities, engaged in the business of supplying the public, directly or indirectly, with light, heat, power, or water, or in transmitting telegraph or telephone messages, or in transporting passengers, freight, or express; the term "commission" when used in said sections shall mean the railroad commission of Wisconsin; the term "capital account" when used in said sections shall mean the capital account prescribed by the commission and required to be kept by every public service corporation as provided by law; the term "net income or revenue" when used in said sections shall mean the money available for dividends and surplus according to the accounts prescribed by the commission and required to be kept by every public service corporation. Control of liens, vested in state. Section 1753-2. The power to create liens on corporate property by public service corporations in this state is a special privilege, the right of super vision, regulation, restriction, and control of which shall be vested in the state, and such power shall be exercised according to the provisions of these statutes. Provisions apply to securities payable in more than one year. Section 1753-3. Except as otherwise provided in sections 1753-1 to 1753-22, inclusive, the provisions of said sections. shall apply to the issue by public service corporations of stocks, certificates of stock, bonds, notes or other evidences of indebtedness payable at periods of more than one year after the date thereof. Issue not to exceed amount reasonably necessary. Section 1753-4. No public service corporation shall hereafter issue for any purposes connected with or relating to any part of its business, any stocks, certificates of stock, bonds, notes, or other evidences of indebtedness, to an amount exceeding that which may from time to time be reasonably necessary for the purpose for which such issue of stock, certificates of stock, bonds, notes, or other evidences of indebtedness may be authorized. Lawful issues, purposes, sinking fund. Section 1753-5. 1. A public service corporation may issue stocks, certificates of stock, bonds, notes, or other evidences of indebtedness, when necessary for any one or more of the following purposes: (a) For organization expenses and all other expenses reasonably required in connection with the financing and construction of its property; * * * (b) For the construction, * * * acquisition, extension, or improvement of its plant, distributing system, or facilities, or for the improvement of its service; * * * (c) For the discharge or refunding of its legal obligations; (d) For so increasing the total amount of its stocks, certificates of stock, bonds, notes and other evidences of indebtedness, where such total is less than the value of its property, as found by the commission, as to equal or more nearly equal such value; (e) In case of railroad corporations for any of the purposes stated in section 18261 or subsection 10 of section 18282 of the statutes. * 2. However, * * * ** * * * no such corporation shall issue any stocks or certificates of stock for any purpose which is not properly chargeable to its capital account; and if any such corporation shall issue any bonds, notes, or other evidences of indebtedness for any lawful purpose which is not properly chargeable to its capital account, it shall set aside annually from its net income or revenue, if any, such a sum that when such bonds, notes, or other evidences of indebtedness shall become due and payable, the total amount of said sums so set aside shall be sufficient to pay and discharge the same. (Ch. 598, 1913.) See p. 44: 2 p. 39. Unlawful issues. Section 1753-6. No public service corporation shall issue any stocks, certificates of stock, bonds, notes, or other evidences of indebtedness for the purpose of paying, discharging, refunding, exchanging for, or retiring, in whole or in part, directly or indirectly, any of its bonds, notes, or other evidences of indebtedness, payable at periods of less than one year after the date thereof, which were issued for purposes not properly chargeable to its capital account. Consideration for stocks, bonds, etc. Section 1753-7. Except as authorized in section 1753-14, no public service corporation shall issue any stocks or certificates of stock except in consideration of money, or of labor or property, at its true money value, as found and determined by the commission as in sections 1753-1 to 1753-22, inclusive, provided, actually received by it, equal to the face value thereof, nor any bonds, notes, or other evidences of indebtedness except for money, or for labor or property estimated at its true money value, as found and determined by the commission as in said sections provided, actually received by it equal to a sum not less than seventy-five per cent of the face value thereof, provided, however, that no bonds, notes, or other evidences of indebtedness of any such corporation issued for the purpose of refunding, retiring, or discharging any of its bonds, notes, or other evidences of indebtedness, shall be issued at less than seventy-five per cent of the face value thereof, plus the amount of any discount hereafter paid or incurred by such corporation upon the issuance of the bonds, notes, or other evidences of indebtedness to be refunded, retired, or discharged. All stocks, certificates of stock, bonds, notes, and other evidences of indebtedness, of any public service corporation issued contrary to the provisions of said sections shall be void. (Ch. 598, 1913.) Bonds to bear reasonable proportion to stock. Section 1753 --8. The amount of bonds, notes, or other evidences of indebtedness which any public service corporation may issue shall bear a reasonable proportion to the amount of stock and certificates of stock issued by such corporation, due consideration being given to the nature of the business in which the corporation is engaged, its credit and future prospects, the effect which such issue will have upon the management and efficient operation of the corporation by reason of the relative amount of financial interest which the stockholders will have in the corporation, and the circumstances surrounding the operation and business of the corporation. Securities, issues for money only; application to commission. Section 1753-9. 1. No public service corporation shall hereafter issue any stocks, certificates of stock, bonds, notes, or any other evidences of indebtedness, except such as are issued for money only and payable one year or less from the date thereof, until it shall have first obtained authority for such issue from the commission, as herein provided. The proceedings for obtaining a certificate of such authority from the commission and the conditions of its being granted by the commission shall be as follows: In case the stocks, certificates of stock, bonds, notes, or other evidences of indebtedness are payable at periods of more than one year after the date thereof, and are to be issued for money only, the corporation shall file with the commission a statement, signed and verified by its president and secretary, setting forth (a) The amount and character of the proposed stocks, certificates of stock, bonds, notes, or other evidences of indebtedness; (b) the purposes for which they are to be issued; (c) the terms on which they are to be issued, and (d) the total assets and liabilities, and the previous financial operations and business of the corporation, in such detail as the commission may require. 2. The signers COMMISSION'S INVESTIGATION AND VALUATION. of the articles of association of a public service corporation hereafter organized may sign and verify such statement in the first instance. For the purpose of enabling it to determine whether the proposed issue complies with the provisions of sections 17531 to 1753-22, inclusive, the commission shall make such inquiry or investigation, hold such hearings and examine such witnesses, books, papers, documents, or contracts, as it may deem of importance in enabling it to reach a determination. It may also make a valuation of all the property of the corporation if it deems it pertinent to the inquiry or investigation. It shall find and determine the amount of such stock, certificates of stock, bonds, notes, or other evidences of indebtedness, reasonably necessary for the purposes for which the same are to be issued, CERTIFICATE OF AUTHORITY. 3. If the commission shall determine that such proposed issue complies with the provisions of sections 1753-1 to 1753-22, inclusive, such authority shall thereupon be granted, and it shall issue to the corporation a certificate of authority, stating: (a) The amount of such stocks, certificates of stock, bonds, notes, or other evidences of indebtedness reasonably necessary for the purposes for which they are to be issued, and the character of the same; (b) the purposes for which they are to be issued, and (c) the terms upon which they are to be issued. Such corporation shall not apply the proceeds of such stock, bonds, notes, or other evidences of indebtedness as aforesaid, to any purposes not specified in such certificate, nor issue such stock, bonds, notes, or other evidences of indebtedness, on any terms not specified in such certificate. ISSUES FOR OTHER THAN MONEY; APPLICATION TO COMMISSION. 4. In case the stocks, certificates of stock, bonds, notes, or other evidences of indebtedness, payable in more than one year after the date thereof, or payable in less than one year from the date |