No public utility organized under the laws of this state or any public utility organized under the laws of any other state receiving more than twenty - five percent of its gross revenue in this state and which nonresident public utility is not subject to the jurisdiction of the federal power commission in the issuance of its securities shall issue any security, or assume any obligation or liability as guarantor, endorser, surety, or otherwise, in respect of any security of another person, unless and until, and then only to the extent that, upon application by the public utility, the Public Utilities Commission by order authorizes such issue or assumption of liability.
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