Section 119. Reorganization of public utility corporations under the national bankruptcy act

Upon   determining,   after   hearing   and
  investigation,  that  the  outstanding  liabilities  of a public utility
  corporation exceed its assets and that the public interest requires that
  such corporation be reorganized in order to enable it to make  necessary
  improvements  and additions to its property and facilities, and in order
  to enable it to render adequate public service at reasonable  rates,  or
  otherwise  to  promote  the  public  interest, and that the officers and
  directors of the corporation have failed  and  neglected  to  cause  the
  corporation  to be reorganized, the commission may, by order, direct the
  officers and directors of the corporation to file a petition, under  the
  provisions  of  the  act  of  congress  of  July first, eighteen hundred
  ninety-eight,  entitled  "An  act  to  establish  a  uniform  system  of
  bankruptcy   throughout   the   United  States,"  as  amended,  for  the
  reorganization of the corporation, and to perform such other acts and to
  take  such  proceedings  as  may  be  required  in  such  reorganization
  proceeding. Upon the failure or refusal of the officers or the directors
  of  the  corporation  to  comply with the said order, the commission may
  institute a summary proceeding in the supreme court for the  enforcement
  thereof,  in  accordance with the procedure provided in this chapter for
  the enforcement of orders of the commission.