Section 16A. If, when the department under this chapter approves an issue of stock, bonds, coupon notes or other evidences of indebtedness of a corporation, or passes upon the price, rates, charges or service of a corporation, it determines that the provision made by the corporation for the depreciation of its property has been inadequate, the department shall order the corporation to set aside out of earnings such allowances for depreciation and for such period or periods as the department may from time to time prescribe. All monies required by such order to be so set aside shall be kept as a separate fund and shall not, without the further order of the department, be used for any other purpose than for renewals other than ordinary repairs, or for extensions, reconstruction and enlargements of and additions to plant, and the department shall prescribe in its order such requirements relative to the creation and maintenance of such fund and its application to such aforesaid authorized uses as it may deem advisable. All orders and decisions of the department under this section shall be enforced as provided in section sixteen.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
