No public utility shall apply the proceeds of any stock, bonds or notes to any other purpose than those specified in the order of the commission authorizing the issue of the same.
Source. 1911, 164:14. 1913, 145:14. 1917, 76:6. PL 241:12. RL 291:13. 1951, 203:45 par. 11, eff. Sept. 1, 1951.