§271G-17.5 Issuance of securities. (a) A water common carrier may, on securing the prior approval of the public utilities commission, and not otherwise:
(b) As used in this section, "property" and "facilities" mean property and facilities used in all operations of a water carrier whether or not included in its regulated operations or rate base. A water carrier may not issue securities, enter into vessel leases longer than five years or enter into leverage leases for vessels, to acquire property or to construct, complete, extend, improve, or add to its facilities or service, if the commission determines that the proposed purpose will have a material adverse effect on its operations. No carrier shall repurchase or reissue its own common stock without prior commission approval.
(c) All stock and every stock certificate, and every bond, note, or other evidence of indebtedness of a water carrier not payable within twelve months, issued without an order of the commission authorizing the same, then in effect, shall be void. In addition, all vessel leases longer than five years and all leverage leases entered into by a water carrier for vessels without an order of the commission authorizing the same then in effect shall be void. [L 1980, c 131, §1; am L 2023, c 138, §1]