State ex rel. Utilities Commission v. Carolina Telephone & Telegraph Co.

The common capital stock of a corporation is a security within the meaning of that term as used in G.S. 62-82, 83. People v. Whelpton, 222 P. 2d 935; In Re McGraw’s Estate, 10 A. 2d 377, and cases cited; Equitable Trust Co. v. Marshall, 17 A. 2d 13; Mary Pickford Co. v. Bayly Bros., 68 P. 2d 239. See also G.S. 78-2, G.S. 14-401.7, G.S. 105-67. This fact was conceded by the petitioner on the oral argument in this Court.

The right of the Commission to act upon the petition of the petitioner and the scope of its authority in so doing rest on the language used in G.S. 62-82, 83. The pertinent…