{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-10.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-10.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-10.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-10.html"}],"law_id":84171,"edition_id":1,"section_id":84171,"structure_id":16357,"section_number":"56-10","catch_line":"Effect of such sale; date for meeting of stockholders","history":"Code 1919, \u00a7 3896.","full_text":"The corporation created by or in consequence of such sale and conveyance shall succeed to all such franchises, rights, and privileges, and perform all such duties as would have been had or should have been performed by the first company but for such sale and conveyance, including in the case of a railroad corporation the duty of maintaining and operating any branch or lateral road which may have been constructed and operated before the sale, and of transporting freight and passengers thereon; save only, that the corporation so created shall not be entitled to the debts due to the first company, and shall not be liable for any debts of, or claims against, the first company, which may not be expressly assumed in the contract of purchase, and that the whole profits of the business to be done by such corporation shall belong to the purchaser or his assigns. The interest in the corporation of the purchaser or his assigns shall be personal estate, and he or his assigns may create so many shares of stock therein as he or they may think proper, not exceeding together the amount of stock in the first company at the time of the sale, except in pursuance of an amendment to the charter obtained according to law; and such purchaser or his assigns may assign such shares in a book to be kept for that purpose. Such shares shall thereupon be on the footing of shares in corporations generally, except only that the first meeting of the stockholders shall be held on such day and at such place as shall be fixed by the purchaser, of which notice shall be published for two successive weeks in a newspaper.","order_by":null,"text":{"0":{"id":301686,"text":"The corporation created by or in consequence of such sale and conveyance shall succeed to all such franchises, rights, and privileges, and perform all such duties as would have been had or should have been performed by the first company but for such sale and conveyance, including in the case of a railroad corporation the duty of maintaining and operating any branch or lateral road which may have been constructed and operated before the sale, and of transporting freight and passengers thereon; save only, that the corporation so created shall not be entitled to the debts due to the first company, and shall not be liable for any debts of, or claims against, the first company, which may not be expressly assumed in the contract of purchase, and that the whole profits of the business to be done by such corporation shall belong to the purchaser or his assigns. The interest in the corporation of the purchaser or his assigns shall be personal estate, and he or his assigns may create so many shares of stock therein as he or they may think proper, not exceeding together the amount of stock in the first company at the time of the sale, except in pursuance of an amendment to the charter obtained according to law; and such purchaser or his assigns may assign such shares in a book to be kept for that purpose. Such shares shall thereupon be on the footing of shares in corporations generally, except only that the first meeting of the stockholders shall be held on such day and at such place as shall be fixed by the purchaser, of which notice shall be published for two successive weeks in a newspaper.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16357,"edition_id":1,"name":"Foreclosure Sales and Dissolution","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13586,"metadata":{},"date_created":"2026-06-26 04:14:52","date_modified":"2026-06-26 04:14:52","permalink":{"id":248539,"object_type":"structure","relational_id":16357,"identifier":"2","token":"56\/1\/2","url":"\/56\/1\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13586,"edition_id":1,"name":"General Provisions","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12881,"metadata":{},"date_created":"2026-06-26 03:45:19","date_modified":"2026-06-26 03:45:19","permalink":{"id":248475,"object_type":"structure","relational_id":13586,"identifier":"1","token":"56\/1","url":"\/56\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12881,"edition_id":1,"name":"Public Service Companies","identifier":"56","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:58","date_modified":"2026-06-26 03:43:58","permalink":{"id":248473,"object_type":"structure","relational_id":12881,"identifier":"56","token":"56","url":"\/56\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84171,"structure_id":16357,"section_number":"56-10","catch_line":"Effect of such sale; date for meeting of stockholders","url":"\/56-10\/","token":"56\/1\/2\/56-10","metadata":false},{"id":82188,"structure_id":16357,"section_number":"56-11","catch_line":"Debts and claims against corporation so sold","url":"\/56-11\/","token":"56\/1\/2\/56-11","metadata":false},{"id":71852,"structure_id":16357,"section_number":"56-12","catch_line":"Works and property sold under court decree subject to provisions of three preceding sections","url":"\/56-12\/","token":"56\/1\/2\/56-12","metadata":false},{"id":79742,"structure_id":16357,"section_number":"56-13","catch_line":"Effect of dissolution of public service corporation","url":"\/56-13\/","token":"56\/1\/2\/56-13","metadata":false},{"id":67185,"structure_id":16357,"section_number":"56-9","catch_line":"Sale of public service corporation under deed of trust; how purchaser may form new corporation","url":"\/56-9\/","token":"56\/1\/2\/56-9","metadata":false}],"next_section":{"id":82188,"structure_id":16357,"section_number":"56-11","catch_line":"Debts and claims against corporation so sold","url":"\/56-11\/","token":"56\/1\/2\/56-11","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-10\/","history_text":false,"references":false,"refers_to":false,"permalink":{"id":248541,"object_type":"law","relational_id":84171,"identifier":"56-10","token":"56\/1\/2\/56-10","url":"\/56-10\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-10\/","token":"56\/1\/2\/56-10","dublin_core":{"Title":"Effect of such sale; date for meeting of stockholders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-10","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The corporation<\/span> created by or in consequence of such sale and conveyance shall succeed to all such franchises, rights, and privileges<\/span>, and perform all such duties as would have been had or should have been performed by the first company<\/span> but for such sale and conveyance, including in the case of a railroad<\/span> corporation<\/span> the duty of maintaining and operating any branch or lateral road which may have been constructed and operated before the sale, and of transporting freight and passengers thereon; save only, that the corporation<\/span> so created shall not be entitled to the debts due to the first company<\/span>, and shall not be liable for any debts of, or claims against, the first company<\/span>, which may not be expressly assumed in the contract<\/span> of purchase, and that the whole profits of the business to be done by such corporation<\/span> shall belong to the purchaser or his assigns. The interest in the corporation<\/span> of the purchaser or his assigns shall be personal estate, and he or his assigns may create so many shares of stock therein as he or they may think proper, not exceeding together the amount of stock in the first company<\/span> at the time of the sale, except in pursuance of an amendment to the charter obtained according to law<\/span>; and such purchaser or his assigns may assign such shares in a book to be kept for that purpose. Such shares shall thereupon be on the footing of shares in corporations<\/span> generally, except only that the first meeting of the stockholders shall be held on such day and at such place as shall be fixed by the purchaser, of which notice shall be published for two successive weeks in a newspaper.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEFFECT OF SUCH SALE; DATE FOR MEETING OF STOCKHOLDERS (\u00a7 56-10)\n\nThe corporation created by or in consequence of such sale and conveyance shall\nsucceed to all such franchises, rights, and privileges, and perform all such\nduties as would have been had or should have been performed by the first company\nbut for such sale and conveyance, including in the case of a railroad\ncorporation the duty of maintaining and operating any branch or lateral road\nwhich may have been constructed and operated before the sale, and of\ntransporting freight and passengers thereon; save only, that the corporation so\ncreated shall not be entitled to the debts due to the first company, and shall\nnot be liable for any debts of, or claims against, the first company, which may\nnot be expressly assumed in the contract of purchase, and that the whole profits\nof the business to be done by such corporation shall belong to the purchaser or\nhis assigns. The interest in the corporation of the purchaser or his assigns\nshall be personal estate, and he or his assigns may create so many shares of\nstock therein as he or they may think proper, not exceeding together the amount\nof stock in the first company at the time of the sale, except in pursuance of an\namendment to the charter obtained according to law; and such purchaser or his\nassigns may assign such shares in a book to be kept for that purpose. Such\nshares shall thereupon be on the footing of shares in corporations generally,\nexcept only that the first meeting of the stockholders shall be held on such day\nand at such place as shall be fixed by the purchaser, of which notice shall be\npublished for two successive weeks in a newspaper.\n\nHISTORY: Code 1919, \u00a7 3896.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}