Southern Sierras Power Co. v. Railroad Commission

Mandamus against the Railroad Commission to compel it to issue its permit for the issuance of certain stock. Petitioner, a Wyoming corporation, is now, and since November, 1911, has been engaged in generating, transmitting, and distributing electrical energy in this state. It is a public utility electrical corporation as defined by section 23 of article XII of the constitution and section 2 of the Public Utilities Act of the state of California (Stats. 1911 [Ex. Sess.], p. 18, as amended). Although a foreign corporation, it is operating lawfully in this state, since it has been engaged in doing business therein prior to March 23, 1912, the date when the Public Utilities Act became effective. Petitioner is authorized by its certificate of incorporation obtained from the state of Wyoming to issue $5,000,000 common stock, and also a like amount of seven per cent preferred stock. The common stock was all issued prior to the effective date of the Public Utilities Act. The company being desirous of issuing $2,000,000 of its preferred stock for the refunding or payment of its outstanding indebtedness applied to the Railroad Commission to authorize such issue under section 52 of the…