{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-57.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-57.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-57.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-57.html"}],"law_id":61976,"edition_id":1,"section_id":61976,"structure_id":13407,"section_number":"56-57","catch_line":"Securities to which chapter is applicable","history":"1934, p. 225; Michie Code 1942, \u00a7 4073(11); 2001, c. 347; 2014, cc. 340, 376.","full_text":"A\n\nThis chapter shall apply to every stock or stock certificate or other evidence of interest or ownership, and, except as otherwise provided by § 56-65, every bond, note or other evidence of indebtedness, of a public service company, which may be issued, and to every obligation or liability as guarantor, endorser, surety or otherwise in respect of the securities of any other person, firm, association or corporation, when such securities are payable at periods of twelve months or more after the date thereof, which may be or may have been assumed after March 24, 1934, notwithstanding the fact that any preparatory steps, whether by the issuance or amendment of a certificate of incorporation, or by the action of the board of directors, or the stockholders or otherwise, may have been taken prior to such date.B\n\nNotwithstanding subsection A, this chapter shall not apply to any stock or stock certificate or other evidence of interest or ownership, or any bond, note or other evidence of indebtedness of a (i) public service company that operates under an alternative form of regulation approved by the Commission pursuant to § 56-235.5, unless the Commission rescinds such exemption as hereafter authorized, or (ii) competitive telephone company as defined in § 56-54.2, provided such securities are issued for lawful purposes pursuant to § 56-58. Any public service company exempt from this chapter shall instead provide notice to the Commission of the issuance of any stock or stock certificate or other evidence of interest or ownership, or, except as otherwise provided by §§ 56-65 and 56-65.1, any bond, note or other evidence of indebtedness, within ninety days of issuance. The Commission may rescind the exemption from this chapter provided by this subsection to any public service company that operates under an alternative form of regulation approved by the Commission pursuant to § 56-235.5 if the Commission finds, after notice and an opportunity for a hearing, that such exemption is not in the public interest.","order_by":null,"text":{"0":{"id":226214,"text":"This chapter shall apply to every stock or stock certificate or other evidence of interest or ownership, and, except as otherwise provided by § 56-65, every bond, note or other evidence of indebtedness, of a public service company, which may be issued, and to every obligation or liability as guarantor, endorser, surety or otherwise in respect of the securities of any other person, firm, association or corporation, when such securities are payable at periods of twelve months or more after the date thereof, which may be or may have been assumed after March 24, 1934, notwithstanding the fact that any preparatory steps, whether by the issuance or amendment of a certificate of incorporation, or by the action of the board of directors, or the stockholders or otherwise, may have been taken prior to such date.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":226215,"text":"Notwithstanding subsection A, this chapter shall not apply to any stock or stock certificate or other evidence of interest or ownership, or any bond, note or other evidence of indebtedness of a (i) public service company that operates under an alternative form of regulation approved by the Commission pursuant to § 56-235.5, unless the Commission rescinds such exemption as hereafter authorized, or (ii) competitive telephone company as defined in § 56-54.2, provided such securities are issued for lawful purposes pursuant to § 56-58. Any public service company exempt from this chapter shall instead provide notice to the Commission of the issuance of any stock or stock certificate or other evidence of interest or ownership, or, except as otherwise provided by §§ 56-65 and 56-65.1, any bond, note or other evidence of indebtedness, within ninety days of issuance. The Commission may rescind the exemption from this chapter provided by this subsection to any public service company that operates under an alternative form of regulation approved by the Commission pursuant to § 56-235.5 if the Commission finds, after notice and an opportunity for a hearing, that such exemption is not in the public interest.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-57\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. 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. Those modifications are as follows: in 2001, chapter 347<\/a>; in 2014, chapters 340<\/a> and 376<\/a>.<\/p>","references":[{"id":64762,"section_number":"56-542","catch_line":"Powers of the Commission","order_by":null,"url":"\/56-542\/"},{"id":77168,"section_number":"56-65.1","catch_line":"Short-term indebtedness","order_by":null,"url":"\/56-65.1\/"}],"refers_to":[{"id":55844,"section_number":"56-235.5","catch_line":"Telephone regulatory alternatives","order_by":null,"url":"\/56-235.5\/"},{"id":78043,"section_number":"56-54.2","catch_line":"Definitions","order_by":null,"url":"\/56-54.2\/"},{"id":67371,"section_number":"56-58","catch_line":"Purposes for which stock, etc., may issue","order_by":null,"url":"\/56-58\/"},{"id":69084,"section_number":"56-65","catch_line":"Exceptions as to issue of stock, etc., in treasury, etc","order_by":null,"url":"\/56-65\/"},{"id":77168,"section_number":"56-65.1","catch_line":"Short-term indebtedness","order_by":null,"url":"\/56-65.1\/"}],"permalink":{"id":250993,"object_type":"law","relational_id":61976,"identifier":"56-57","token":"56\/3\/56-57","url":"\/56-57\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-57\/","token":"56\/3\/56-57","dublin_core":{"Title":"Securities to which chapter is applicable","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-57","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This chapter shall apply to every stock or stock certificate or other evidence<\/span> of interest or ownership, and, except as otherwise provided by § 56-65<\/a>, every bond<\/span>, note or other evidence<\/span> of indebtedness, of a public service company<\/span>, which may be issued, and to every obligation or liability as guarantor, endorser, surety<\/span> or otherwise in respect of the securities<\/span> of any other person<\/span>, firm, association or corporation<\/span>, when such securities<\/span> are payable at periods of twelve months or more after the date thereof, which may be or may have been assumed after March 24, 1934, notwithstanding the fact<\/span> that any preparatory steps, whether by the issuance or amendment of a certificate of incorporation, or by the action of the board of directors, or the stockholders or otherwise, may have been taken prior to such date. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding subsection A, this chapter shall not apply to any stock or stock certificate or other evidence<\/span> of interest or ownership, or any bond<\/span>, note or other evidence<\/span> of indebtedness of a (i) public service company<\/span> that operates under an alternative form of regulation approved by the Commission<\/span> pursuant to § 56-235.5<\/a>, unless the Commission<\/span> rescinds such exemption as hereafter authorized, or (ii) competitive telephone company as defined in § 56-54.2<\/a>, provided such securities<\/span> are issued for lawful purposes pursuant to § 56-58<\/a>. Any public service company<\/span> exempt from this chapter shall instead provide notice to the Commission<\/span> of the issuance of any stock or stock certificate or other evidence<\/span> of interest or ownership, or, except as otherwise provided by §§ 56-65<\/a> and 56-65.1<\/a>, any bond<\/span>, note or other evidence<\/span> of indebtedness, within ninety days of issuance. The Commission<\/span> may rescind the exemption from this chapter provided by this subsection to any public service company<\/span> that operates under an alternative form of regulation approved by the Commission<\/span> pursuant to § 56-235.5<\/a> if the Commission<\/span> finds, after notice and an opportunity for a hearing<\/span>, that such exemption is not in the public interest. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITIES TO WHICH CHAPTER IS APPLICABLE (\u00a7 56-57)\n\nA. This chapter shall apply to every stock or stock certificate or other\nevidence of interest or ownership, and, except as otherwise provided by §\n56-65, every bond, note or other evidence of indebtedness, of a public service\ncompany, which may be issued, and to every obligation or liability as guarantor,\nendorser, surety or otherwise in respect of the securities of any other person,\nfirm, association or corporation, when such securities are payable at periods of\ntwelve months or more after the date thereof, which may be or may have been\nassumed after March 24, 1934, notwithstanding the fact that any preparatory\nsteps, whether by the issuance or amendment of a certificate of incorporation,\nor by the action of the board of directors, or the stockholders or otherwise,\nmay have been taken prior to such date.\n\nB. Notwithstanding subsection A, this chapter shall not apply to any stock or\nstock certificate or other evidence of interest or ownership, or any bond, note\nor other evidence of indebtedness of a (i) public service company that operates\nunder an alternative form of regulation approved by the Commission pursuant to\n§ 56-235.5, unless the Commission rescinds such exemption as hereafter\nauthorized, or (ii) competitive telephone company as defined in § 56-54.2,\nprovided such securities are issued for lawful purposes pursuant to §\n56-58. Any public service company exempt from this chapter shall instead provide\nnotice to the Commission of the issuance of any stock or stock certificate or\nother evidence of interest or ownership, or, except as otherwise provided by\n§§ 56-65 and 56-65.1, any bond, note or other evidence of\nindebtedness, within ninety days of issuance. The Commission may rescind the\nexemption from this chapter provided by this subsection to any public service\ncompany that operates under an alternative form of regulation approved by the\nCommission pursuant to § 56-235.5 if the Commission finds, after notice and\nan opportunity for a hearing, that such exemption is not in the public interest.\n\nHISTORY: 1934, p. 225; Michie Code 1942, \u00a7 4073(11); 2001, c. 347; 2014, cc.\n340, 376.","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}}