1. No privately owned public utility organized under the laws of and operating in the State of Nevada shall issue any security, or assume any obligation as guarantor, endorser, surety or otherwise, in respect of any security of any other person, firm or corporation, unless and until, and only to the extent, authorized by a written order of the Commission. 2. The provisions of subsection 1 shall not apply to the issue or renewal of, or assumption of liability on, a note or draft maturing not more than 1 year after the date of such issue, renewal or assumption of liability, but in the case of privately owned electric or combination electric utilities subject to the jurisdiction of the Commission the provisions of subsection 1 shall apply to all security issues, or renewals or assumption of obligations as guarantor, endorser, surety or otherwise, having a maturity of 1 year or less where the combined sum of such security issues, renewals or assumptions exceeds $1,000,000 or 5 percent of the par value of the other securities of the public utility then outstanding. In case of securities having no par value the par value for purposes of this subsection shall be the fair market value as of the date of issue of the privately owned or combination electric utilities, whichever sum is greater.
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