CHAPTER 369 ISSUANCE OF STOCK AND OTHER SECURITIES; GENERAL PROVISIONS
Section 369:6
369:6 Depreciation. –
Upon any application for authority to issue securities for the purpose of providing funds for discharging any indebtedness incurred by a public utility in good faith prior to July 1, 1914, in acquiring property, or for other lawful corporate purpose, no deduction shall be made from the cost thereof, as determined by the commission, on account of any estimated depreciation of plant and properties beyond the portion, if any, of such cost which it may appear has been paid out of the depreciation reserve of said public utility, if any, or out of earnings, to make good depreciation.