Reports of Decisions ..., Volume 2

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Page 21 - Commission stating the sale or sales of said bonds during the previous month, the terms and conditions of sale, the moneys realized therefrom and the use and application of such moneys; and said accounts, vouchers and records shall be open to audit, and may be audited from time to time by accountants and examiners designated for such purpose by the Commission. "Fourth: That the authority hereby given to issue such bonds shall apply only to bonds issued by the said company on or before the 30th day...
Page 27 - We do not think the legislation alluded to was designed to make the commissioners the financial managers of the corporation, or that it empowered them to substitute their judgment for that of the board of directors or stockholders of the corporation as to the wisdom of a transaction, but that it was designed to make the commissioners the guardians of the public by enabling them to prevent the issue of stock and bonds for other than the statutory purposes...
Page 27 - A common carrier, railroad corporation or street railroad, corporation organized or existing, or hereafter incorporated, under or by virtue of the laws of the state of New York, may issue stocks, bonds, notes or other evidence of indebtedness payable at periods of more than twelve months after the date thereof...

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