Restrictions on dividend or distribution
Effective: September 13, 2010; Latest Legislation: Senate Bill 162 - 128th General Assembly
No public utility or railroad shall declare any stock, bond, or scrip dividend or distribution, or divide the proceeds of the sale of any stock, bond, or scrip among its stockholders, unless it is authorized to do so by the public utilities commission.
This section does not apply to telephone companies.
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.