N.C. Gen. Stat. » Chapter 62
NC General Statutes

N.C. Gen. Stat. § 62-160 (2026)

Permission to pledge assets

✓ current as of July 2026
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No public utility shall pledge its faith, credit, moneys or property for the benefit of any holder of its preferred or common stocks or bonds, nor for any other business interest with which it may be affiliated through agents or holding companies or otherwise by the authority of the action of its stockholders, directors, or contract or other agents, the compliance or result of which would in any manner deplete, reduce, conceal, abstract or dissipate the earnings or assets thereof, decrease or increase its liabilities or assets, without first making application to the Commission and by order obtain its permission so to do. (1933, c. 307, s. 17; 1963, c. 1165, s. 1.)

 

Notes of Decisions
Cited in 3 cases, 1974–1975 · leading case: State ex rel. Utils. Comm'n v. S. Bell Tel. & Tel. Co., 217 S.E.2d 543 (N.C. 1975).
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State ex rel. Utils. Comm'n v. S. Bell Tel. & Tel. Co., 217 S.E.2d 543 (N.C. 1975). · cites it 2× “G.S. 62-160 provides that no public utility shall pledge its credit or property for the benefit of any bondholder or stockholder or any affiliated business interest without first applying to and receiving permission from the Commission so to do.”
State ex rel. Utils. Comm'n v. S. Bell Tel. & Tel. Co., 207 S.E.2d 771 (N.C. Ct. App. 1974). “Article 8 of Chapter 62 of the General Statutes, G.S. 62-160 through G.S. 62-171, entitled “Securities Regulation,” provides in'general for supervision by the North Carolina Utilities Commission over issuance of securities by a public utility.”
State Ex Rel. Util. Com'n v. So. Bell Tel, 217 S.E.2d 543 (N.C. 1975). · cites it 4× “G.S. § 62-160 provides that no public utility shall pledge its credit or property for the benefit of any bondholder or stockholder or any affiliated business interest without first applying to and receiving permission from the Commission so to do.”
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