Pennsylvania Consolidated Statutes

66 Pa. Cons. Stat. § 1903 (2026)

Registration or rejection of securities certificates.

✓ current as of May 2026

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§ 1903. Registration or rejection of securities certificates.

(a) General rule.--Upon the submission or completion of any securities certificate, as provided in this part, the commission shall register the same if it shall find that the issuance or assumption of securities in the amount, of the character, and for the purpose therein proposed, is necessary or proper for the present and probable future capital needs of the public utility filing such securities certificate; otherwise it shall reject the securities certificate. The commission may consider the relation which the amount of each class of securities issued by such public utility bears to the amount of other such classes, the nature of the business of such public utility, its credit and prospects, and other relevant matters. If, at the end of 30 days after the filing of a securities certificate, no order of rejection has been entered, such certificate shall be deemed, in fact and law, to have been registered. The commission may, by written order, giving reasons therefor, extend the 30-day consideration period.

(b) Effect of registration.--Such registration or rejection may be as to all or part of the securities to which such securities certificate pertains, and any registration may be made subject to such conditions as the commission may deem reasonable in the premises. No registration, however, shall be construed to imply any guaranty or obligation on the part of the Commonwealth as to such securities, nor shall it be taken as requiring the commission, in any proceeding brought before it for any purpose, to fix a valuation which shall be equal to the total of such securities and any other outstanding securities of such public utility, or to approve or prescribe a rate which shall be sufficient to yield a return on such securities or the total securities of such public utility.

(c) Written notice.--Written notice of the registration or rejection of any securities certificate shall be served by registered mail upon the public utility. Every notice of rejection shall contain a statement of the specific reasons for rejection. Both registered and rejected securities certificates shall be retained in the files of the commission.

(d) Amendment of rejected certificate.--At any time within 30 days after the commission shall have rejected a securities certificate, the public utility submitting such securities certificate may submit amendments thereto, verified by oath or affirmation, whereupon the commission shall again consider and act upon the securities certificate, as provided in subsection (a); but a securities certificate which shall have been twice rejected by the commission shall not be amended again. The registration by the commission of a securities certificate, either as completed or amended, shall bind the public utility submitting such securities certificate to issue or assume the securities only under the terms, and for the purpose recited in such securities certificate and the issuance or assumption of the securities under any other terms, or for any other purpose, shall be unlawful.

(e) Judicial review.--Appeals from the action of the commission upon any securities certificates may be taken as provided by law. The completed securities certificate shall constitute the record to be certified to the appellate court in such appeal.

Cross References. Section 1903 is referred to in section 2212 of this title.

Notes of Decisions

Cited in 5 cases, 1980–1987 · leading case: Nat'l Fuel Gas Distrib. Corp. v. Pennsylvania Pub. Util. Comm'n, 464 A.2d 546 (Pa. Commw. Ct. 1983).

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Nat'l Fuel Gas Distrib. Corp. v. Pennsylvania Pub. Util. Comm'n, 464 A.2d 546 (Pa. Commw. Ct. 1983). “2d 734 (1983) where it held that 'the Commission possesses express supervisory powers under Code Section 1903, 66 Pa. C. S. §1903, with respect to securities offerings by utilities in furtherance of their major capital projects while noting: “ [i] t is well established that,…”

Philadelphia Elec. Co. v. Pennsylvania Pub. Util. Comm'n, 455 A.2d 1244 (Pa. Commw. Ct. 1983). · cites it 2× “In its August 27th order and opinion, the PUC stated: Section 1903 of the Code, 66 Pa. C. S. §1903, requires this Commission to register a securities certificate if we find the issuance of the securities proposed therein is necessary or proper for the present and probable future…”

Barasch v. Pennsylvania Pub. Util. Comm'n, 521 A.2d 482 (Pa. Commw. Ct. 1987). “2d at 738-39 (construing Section 1903(a) of the Public Utility Code, 66 Pa. C. S. §1903(a)). 11 Our conclusion in this regard is bolstered by the feet that the statute does not direct that the least-cost alternative must inevitably be undertaken by the utility.”

Yellow Cab Co. v. Pennsylvania Pub. Util. Comm'n, 411 A.2d 1282 (Pa. Commw. Ct. 1980). · cites it 5× “Therefore, the PUC was right in its first approach, and the provisions of 66 Pa. C.S. §1903 are properly the criteria closest to being applicable to the evaluation of the pledge aspect of the lease.”

Yellow Cab Co. v. Pennsylvania Pub. Util. Comm'n, 429 A.2d 1212 (Pa. Commw. Ct. 1981). “We held that the PUC erred in applying Section 1101, rather than applying the criteria of 66 Pa. C. S. §1903 governing the issuance of securities; we noted that *295 evaluation of a creditor’s fitness to operate would be premature when the creditor is not presently seeking…”

— 66 Pa. Cons. Stat. § 1903(a) — 3 cases

Philadelphia Elec. Co. v. Pennsylvania Pub. Util. Comm'n, 455 A.2d 1244 (Pa. Commw. Ct. 1983). “In its August 27th order and opinion, the PUC stated: Section 1903 of the Code, 66 Pa. C. S. §1903, requires this Commission to register a securities certificate if we find the issuance of the securities proposed therein is necessary or proper for the present and probable future…”

Yellow Cab Co. v. Pennsylvania Pub. Util. Comm'n, 411 A.2d 1282 (Pa. Commw. Ct. 1980). “Therefore, the PUC was right in its first approach, and the provisions of 66 Pa. C.S. §1903 are properly the criteria closest to being applicable to the evaluation of the pledge aspect of the lease.”

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