Rochester Gas & Elec. Corp. v. Maltbie
| Decision Date | 18 October 1940 |
| Citation | 29 N.E.2d 936,284 N.Y. 626 |
| Court | New York Court of Appeals Court of Appeals |
| Parties | ROCHESTER GAS & ELECTRIC CORPORATION, Appellant, v. Milo R. MALTBIE and others, Respondents. |
OPINION TEXT STARTS HERE
Appeal from Supreme Court, Appellate Division, Third Department, 258 App.Div. 682, 18 N.Y.S.2d 630.
Proceeding in the matter of the application of Rochester Gas & Electric Corporation for an order pursuant to article 78, s 1283 et seq., of the Civil Practice Act against Milo R. Maltbie and others, commissioners, constituting as such the Public Service Commission of the State of New York and State Division of the Department of Public Service of the State of New York, to annul a determination of respondents denying approval of petitioner's certificate to reduce its capital and to direct respondents to endorse their approval on the certificate.
Petitioner presented its petition to the Public Service Commission asking consent and approval under section 38 of the Stock Corporation Law, Consol. Laws, c. 59, to the filing of a certificate reducing by three million dollars its capital, allocated on its books to common stock, which amount was to be transferred on the books of the company to an account to be designated ‘Contingency Reserve.’ As of the date of the petition presented to the Commission, in addition to 775,914 shares of common stock outstanding of the stated value of $14,383,208 petitioner had issued nearly twenty-four millions par value of preferred stock, and there was also a funded debt in excess of thirty seven millions.
In 1925 there were outstanding 72,482 shares of common stock each of the par value of $100. During that year ten shares for one were issued, and in 1929 that was increased by 51,094 new shares, the total of its stated value on the books being $8,883,208. As of December 31, 1930, by resolution of the directors five and one half million dollars was transferred from two surplus accounts to capital applicable to common stock, making the aggregate stated value $14,383,208. The Commission was asked to approve the transfer from the capital account to the contingency account of three million dollars, being a part of the five and one half million last mentioned. The statutory authority for the transfer is found in s 36(G) of the Stock Corporation Law.
From an order of the Appellate Division, 258 App.Div. 682, 18 N.Y.S.2d 630, reversing an order of the Supreme Court, Special Term, Albany County, which annulled the determination, 172 Misc. 359, 15 N.Y.S.2d...
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SECURITIES AND EXCH. COM'N v. Long Island Lighting Co., 233.
...Commission is required to withhold approval unless it finds that the plan is in the interest of investors. Rochester Gas & Electric Corp. v. Maltbie, 284 N.Y. 626, 29 N.E.2d 936. The appellee promptly filed its certificate of recapitalization together with the order of approval, in the offi......
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In re Kings County Lighting Co.
...matters are quasi-judicial. Rochester Gas & Electric Corporation v. Maltbie, 1940, 258 App.Div. 682, 18 N.Y.S.2d 630, affirmed 284 N.Y. 626, 29 N.E.2d 936; Staten Island Edison Corp. v. Public Service Commission, 1934, 263 N.Y. 209, 188 N.E. 713. But the question before me is whether the ef......
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Brooklyn Union Gas Co. v. Public Service Commission
...operations. (Cf. Matter of Rochester Gas & Elec. Corp. v. Maltbie, 258 App.Div. 682, 684--685, 18 N.Y.S.2d 630, 632--633, affd. 284 N.Y. 626, 29 N.E.2d 936.) On these premises alone, we cannot hold justly that no substantial reason whatever appears in the record to sustain the determination......