In Re Island Airlines, Inc.

OPINION OP THE COUBT BY

LEWIS, J.

Island Airlines, Incorporated, referred to herein as “applicant” or “Island,” on May 20, 1960, submitted to the Public Utilities Commission of the State an application which, as subsequently amended, shows as follows:

Applicant has been incorporated under the laws of the State with a present capitalization of $15,000. It intends to increase its capitalization to $250,000, “upon approval by the Commission of the rates filed herewith * * *.” Its articles of association provide for this extension of the capital stock “at such time as the corporation’s rate schedule…