No public utility or railroad shall declare any stock, bond, or scrip dividend or distribution, or divide the proceeds of the sale of any stock, bond, or scrip among its stockholders, unless it is authorized to do so by the public utilities commission. This section does not apply to telephone companies.
Restrictions on dividend or distribution
Ohio Rev. Code Ann. § 4905.46, under Chapter 4905 | Public Utilities Commission - General Powers.
Ohio Rev. Code Ann. § 4905.46