The power of public service companies to issue stocks and stock certificates or other
evidence of interest or ownership, and bonds, notes and other evidences of indebtedness
and to create liens on their property situated within this state is a special privilege,
the right of supervision, regulation, restriction, and control of which is and shall
continue to be vested in the state, and such power shall be exercised as provided
by law and under such rules and regulations as the commission may prescribe.
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