{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-56.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-56.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-56.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-56.html"}],"law_id":79449,"edition_id":1,"section_id":79449,"structure_id":13407,"section_number":"56-56","catch_line":"Issue of securities a special privilege subject to regulation","history":"1934, p. 221; Michie Code 1942, \u00a7 4073(2); 1958, c. 11.","full_text":"The power of public service companies to issue stocks and stock certificates or other evidences of interest or ownership, and bonds, notes and other evidences of indebtedness and to create liens on their property situated within this Commonwealth is a special privilege, the right of supervision, regulation, restriction, and control of which is and shall continue to be vested in the Commonwealth; and such power shall be exercised as provided by law and under such rules and regulations as the Commission may prescribe; provided that this section shall not apply to obligations incurred for purchase of machinery or equipment where such obligations are secured by conditional sales contracts.","order_by":null,"text":{"0":{"id":284618,"text":"The power of public service companies to issue stocks and stock certificates or other evidences of interest or ownership, and bonds, notes and other evidences of indebtedness and to create liens on their property situated within this Commonwealth is a special privilege, the right of supervision, regulation, restriction, and control of which is and shall continue to be vested in the Commonwealth; and such power shall be exercised as provided by law and under such rules and regulations as the Commission may prescribe; provided that this section shall not apply to obligations incurred for purchase of machinery or equipment where such obligations are secured by conditional sales contracts.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13407,"edition_id":1,"name":"Issuance of Stocks, Bonds, Etc.","identifier":"3","label":"chapter","depth":2,"order_by":1,"parent_id":12881,"metadata":{},"date_created":"2026-06-26 03:44:50","date_modified":"2026-06-26 03:44:50","permalink":{"id":250983,"object_type":"structure","relational_id":13407,"identifier":"3","token":"56\/3","url":"\/56\/3\/","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":63393,"structure_id":13407,"section_number":"56-55","catch_line":"Definitions","url":"\/56-55\/","token":"56\/3\/56-55","metadata":false},{"id":79449,"structure_id":13407,"section_number":"56-56","catch_line":"Issue of securities a special privilege subject to regulation","url":"\/56-56\/","token":"56\/3\/56-56","metadata":false},{"id":61976,"structure_id":13407,"section_number":"56-57","catch_line":"Securities to which chapter is applicable","url":"\/56-57\/","token":"56\/3\/56-57","metadata":false},{"id":67371,"structure_id":13407,"section_number":"56-58","catch_line":"Purposes for which stock, etc., may issue","url":"\/56-58\/","token":"56\/3\/56-58","metadata":false},{"id":55890,"structure_id":13407,"section_number":"56-59","catch_line":"Order required before acting as surety, guarantor, etc","url":"\/56-59\/","token":"56\/3\/56-59","metadata":false},{"id":63271,"structure_id":13407,"section_number":"56-60","catch_line":"Application for order authorizing issuance of securities or assumption of liabilities","url":"\/56-60\/","token":"56\/3\/56-60","metadata":false},{"id":60189,"structure_id":13407,"section_number":"56-61","catch_line":"Action of Commission on such application","url":"\/56-61\/","token":"56\/3\/56-61","metadata":false},{"id":76140,"structure_id":13407,"section_number":"56-62","catch_line":"Joint action with commission of another state","url":"\/56-62\/","token":"56\/3\/56-62","metadata":false},{"id":56885,"structure_id":13407,"section_number":"56-63","catch_line":"Appeal from decision of Commission on issuance of securities","url":"\/56-63\/","token":"56\/3\/56-63","metadata":false},{"id":64916,"structure_id":13407,"section_number":"56-64","catch_line":"Repealed","url":"\/56-64\/","token":"56\/3\/56-64","metadata":false},{"id":69084,"structure_id":13407,"section_number":"56-65","catch_line":"Exceptions as to issue of stock, etc., in treasury, etc","url":"\/56-65\/","token":"56\/3\/56-65","metadata":false},{"id":77168,"structure_id":13407,"section_number":"56-65.1","catch_line":"Short-term indebtedness","url":"\/56-65.1\/","token":"56\/3\/56-65.1","metadata":false},{"id":67701,"structure_id":13407,"section_number":"56-65.2","catch_line":"Repealed","url":"\/56-65.2\/","token":"56\/3\/56-65.2","metadata":false},{"id":71883,"structure_id":13407,"section_number":"56-66","catch_line":"No authority to capitalize permit, franchise or contract for consolidation","url":"\/56-66\/","token":"56\/3\/56-66","metadata":false},{"id":81486,"structure_id":13407,"section_number":"56-67","catch_line":"Issuance of securities or assumption of liability void if order not obtained","url":"\/56-67\/","token":"56\/3\/56-67","metadata":false},{"id":82637,"structure_id":13407,"section_number":"56-67.1","catch_line":"Validity of authorized securities","url":"\/56-67.1\/","token":"56\/3\/56-67.1","metadata":false},{"id":54376,"structure_id":13407,"section_number":"56-68","catch_line":"No licensed salesman required when securities approved under this chapter","url":"\/56-68\/","token":"56\/3\/56-68","metadata":false},{"id":75000,"structure_id":13407,"section_number":"56-69","catch_line":"Purposes to which proceeds of security issues may be applied","url":"\/56-69\/","token":"56\/3\/56-69","metadata":false},{"id":80612,"structure_id":13407,"section_number":"56-70","catch_line":"Accounting for disposition of proceeds of issue of securities","url":"\/56-70\/","token":"56\/3\/56-70","metadata":false},{"id":78258,"structure_id":13407,"section_number":"56-71","catch_line":"Violations of provisions of chapter; penalty","url":"\/56-71\/","token":"56\/3\/56-71","metadata":false},{"id":67116,"structure_id":13407,"section_number":"56-72","catch_line":"Acts of officers, etc., bind company","url":"\/56-72\/","token":"56\/3\/56-72","metadata":false},{"id":86562,"structure_id":13407,"section_number":"56-73","catch_line":"Penalty as to officers, etc., for violation of provisions of chapter","url":"\/56-73\/","token":"56\/3\/56-73","metadata":false},{"id":84419,"structure_id":13407,"section_number":"56-74","catch_line":"State not obligated to pay or guarantee","url":"\/56-74\/","token":"56\/3\/56-74","metadata":false},{"id":69201,"structure_id":13407,"section_number":"56-75","catch_line":"Fees in connection with applications for authority to issue securities","url":"\/56-75\/","token":"56\/3\/56-75","metadata":false}],"previous_section":{"id":63393,"structure_id":13407,"section_number":"56-55","catch_line":"Definitions","url":"\/56-55\/","token":"56\/3\/56-55","metadata":false},"next_section":{"id":61976,"structure_id":13407,"section_number":"56-57","catch_line":"Securities to which chapter is applicable","url":"\/56-57\/","token":"56\/3\/56-57","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-56\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1958, chapter 11.<\/p>","references":false,"refers_to":false,"permalink":{"id":250989,"object_type":"law","relational_id":79449,"identifier":"56-56","token":"56\/3\/56-56","url":"\/56-56\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-56\/","token":"56\/3\/56-56","dublin_core":{"Title":"Issue of securities a special privilege subject to regulation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-56","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The power of public service companies to <span class=\"dictionary\">issue<\/span> stocks and stock certificates or other <span class=\"dictionary\">evidences<\/span> of interest or ownership, and <span class=\"dictionary\">bonds<\/span>, notes and other <span class=\"dictionary\">evidences<\/span> of indebtedness and to create <span class=\"dictionary\">liens<\/span> on their property situated within this Commonwealth is a special <span class=\"dictionary\">privilege<\/span>, the right of supervision, regulation, restriction, and control of which is and shall continue to be vested in the Commonwealth; and such power shall be exercised as provided by <span class=\"dictionary\">law<\/span> and under such rules and regulations as the <span class=\"dictionary\">Commission<\/span> may prescribe; provided that this section shall not apply to obligations incurred for purchase of machinery or equipment where such obligations are secured by conditional sales <span class=\"dictionary\">contracts<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nISSUE OF SECURITIES A SPECIAL PRIVILEGE SUBJECT TO REGULATION (\u00a7 56-56)\n\nThe power of public service companies to issue stocks and stock certificates or\nother evidences of interest or ownership, and bonds, notes and other evidences\nof indebtedness and to create liens on their property situated within this\nCommonwealth is a special privilege, the right of supervision, regulation,\nrestriction, and control of which is and shall continue to be vested in the\nCommonwealth; and such power shall be exercised as provided by law and under\nsuch rules and regulations as the Commission may prescribe; provided that this\nsection shall not apply to obligations incurred for purchase of machinery or\nequipment where such obligations are secured by conditional sales contracts.\n\nHISTORY: 1934, p. 221; Michie Code 1942, \u00a7 4073(2); 1958, c. 11.","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}}