1. Upon receipt of an application for an order authorizing the issuance of any security or the assumption of any obligation in respect to any security of another, the Commission may grant the application in whole or in part and with such modifications and upon such terms and conditions as it may find necessary or appropriate. 2. The Commission may authorize the issuance of a variable-rate security and it may authorize the public utility to use a method for accounting and rate making for an existing or new variable-rate security which ensures that the recovery of the utilitys expenses for issuing or maintaining that security from the rates charged to its customers will equal the interest or dividends actually paid on the security. 3. The Commission shall not require a public utility to issue or maintain a variable-rate security if the recovery of the utilitys expenses for issuing or maintaining that security from the rates charged to its customers does not equal the interest or dividends actually paid on the security. 4. The Commission may from time to time make such supplemental orders in the premises as it may find necessary or appropriate. The supplemental order may modify the provisions of any previous order as to the particular purposes, uses and extent to which, or the conditions under which, any security theretofore authorized or the proceeds thereof may be applied. 5. The Commission shall not make any order or supplemental order granting any application hereunder unless it finds that the issue or assumption: (a) Is for some lawful object, within the corporate purposes of the applicant and compatible with the public interest, which is necessary or appropriate for or consistent with the proper performance by the applicant of service as a public utility and which will not impair its ability to perform that service; and (b) Is reasonably necessary or appropriate for those purposes. 6. The Commission shall not authorize the capitalization of the right to be a corporation or any franchise, permit or contract for consolidation, merger or lease in excess of the amount, exclusive of any tax or annual charge, actually paid as the consideration for the right, franchise, permit or contract.
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