Wisconsin Southern Gas Co. v. Public Service Commission

The sole issue on this appeal is whether a contract for the purchase of all of the outstanding stock of a corporation in installments extending over a period of several years is a “security” within the definition contained in sec. 184.01 (3), Stats.

Sec. 184.01 (3) provides as follows:

“ ‘Securities’ means capital stock and evidences of indebtedness of a ‘public service corporation, not including, however, (a) any obligation of a public service corporation which is not a public utility as defined in the federal power act, falling due one year or less after its date and bearing date not later…