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Defining public utilities and providing for their regulation; providing for the creation of the Texas Public Utility Commission and for the appointment of commissioners and the fixing of their qualifications and compensation; prescribing the duties and powers of the commissioners and the commission and railroad commission and the manner in which the jurisdiction and power conferred herein shall be exercised; providing for employees and the salaries, duties and authority of employees; providing for reporting by public utilities; providing for territories and services; providing for regulation of public utility services and rates; providing for regulation of rates and division of revenue; providing for hearings and other procedures for regulation; defining certain offenses and providing penalties; providing procedures for public utility regulation by municipalities; providing for appeals and other procedures in the courts; providing for financing of commission operations.