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The DC Code: § 34-507 Penalty for improper issuance or application of stock or proceeds.

Index34 Public Utilities. (Refs & Annos)

Any public utility, or any agent, director, or officer thereof, who shall, directly or indirectly, issue or cause to be issued any stocks, certificates of stock, bonds, or other evidences of indebtedness contrary to the provisions of this subtitle, or who shall apply the proceeds from the sale thereof to any purposes other than that specified in the certificate of the Commission, shall forfeit and pay into the Treasury of the United States, to the credit of the General Fund of the District of Columbia, not less than $1,000 nor more than $10,000 for each offense.

Historical and Statutory

Prior Codifications 1981 Ed., § 43-707. 1973 Ed., § 43-808. DC CODE § 34-507 Current through December 11, 2012

Credits

(Mar. 4, 1913, 37 Stat. 990, ch. 150, § 8, par. 79; Feb. 22, 1921, 41 Stat. 1144, ch. 70, § 7; June 28, 1944, 58 Stat. 533, ch. 300, § 18.)