Okla. Stat. tit. 17, § 17-182: Issuance of securities and creation of liens declared a

privilege - Power of supervision and regulation.

The power of public utilities to issue securities, in case of

public utilities organized under the laws of this state, and to

create liens on property in this state to secure the payment of

evidences of indebtedness in case of public utilities organized

under the laws of any other state or foreign country, is a

privilege, the right of supervision, regulation, restriction and

control of which is, and shall continue to be, vested in the state,

and such power shall be exercised as provided by law and under such

rules and regulations as the Commission may prescribe pursuant to

law.