Chapter 201 — SECURITIES OF PUBLIC SERVICE CORPORATIONS

201.01 Definitions. In this chapter, unless the context otherwise requires: (1) “Commission” means the office of the commissioner of railroads in the case of water carriers and the public service commission in the case of other public service corporations. (2) “Public service cor…

201.02 Power of alienation, state control. The power to create liens or mortgages on corporate property by public service corporations in this state, or to deed such property in trust, or to issue capital stock, is a special privilege, the right of supervision, regulation, restri…

201.03 Issue of securities. (1) No securities shall be issued by any public service corporation until it shall first have obtained from the commission, and recorded upon its books a certificate authorizing such issue; and the commission shall not authorize the issuance of securit…

201.04 Consideration for securities. (1) No securities shall be issued by any public service corporation except for money, property or services actually received by it. The amount of money, and the value of the property or the services to be so received shall be: (a) In case of s…

201.05 Securities. (1) APPLICATION TO ISSUE. Any public service corporation desiring to issue securities shall file with the commission an application verified by its president or vice president and its secretary or assistant secretary or by the signers of its articles of organiz…

201.06 Certificate of authority, impounding securities. (1) (a) Upon the conclusion of its investigation, if the commission shall find that the proposed issue complies with the provisions of this chapter and that the financial condition, plan of operation and proposed undertaking…

201.07 Securities accounted for. The commission may by provision inserted in its certificate of authority require issuers to account for the disposition of all securities requiring its approval. If the securities are issued for money, it may require the issuer to report the price…

201.08 Court review. Any action of the commission under the provisions of this chapter shall be subject to review in the manner provided in ch. 227. History: 1997 a. 140 s. 13; Stats. 1997 s. 200.08; 1999 a. 150 s. 656; Stats. 1999 s. 201.08.

201.09 Penalties. (1) Any public service corporation, or any agent, director or officer of a public service corporation, who shall directly or indirectly, issue or cause to be issued, any securi- May 22, 2026, are designated by NOTES. (Published 5-22-26) 3 Updated 23-24 Wis. Stat…

201.10 Fees for authority to issue securities, expenses. (2) The provisions of sub. (3) shall apply to the issuance, renewal or assumption by a public service corporation which is a public utility as defined in the federal power act, of evidences of indebtedness maturing not more…

201.11 Impaired capital. Whenever the commission shall find that the capital of any public service corporation is impaired it may, after investigation and hearing, issue an order directing such public utility to cease paying dividends on its common stock 201.14 until such impairm…

201.12 Judicial sale of corporation, reorganization. Whenever the rights, powers, privileges and franchises of any domestic public service corporation shall be sold at judicial sale or pursuant to the foreclosure of a mortgage, the purchaser shall, within 60 days after the sale, …

201.13 Stock. Subject to the regulatory jurisdiction of the commission under this chapter and to all other applicable provisions of law relating to water carrier or other special types of corporations, all classes and series of stock of a public service corporation shall be gover…

201.14 Validation of securities issued without certificate. Securities issued by any such corporation, for the issuance of which a certificate should have been, but through excusable neglect or mistake was not, applied for, may be validated by the commission upon application of s…