{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-61.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-61.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-61.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-61.html"}],"law_id":60189,"edition_id":1,"section_id":60189,"structure_id":13407,"section_number":"56-61","catch_line":"Action of Commission on such application","history":"1934, p. 222; Michie Code 1942, \u00a7 4073(5); 1980, c. 246.","full_text":"When an application is filed with the Commission under \u00a7 56-60 it shall consider and pass upon the same within twenty-five days, and when the application sets forth that such securities are to be issued or such obligations or liabilities are to be assumed for any purpose set forth in \u00a7 56-58, and the Commission so finds, it shall approve the application and issue the order applied for, unless the Commission shall find, for reasons stated by it, that the issuance of such securities or the assumption of such obligations or liabilities is not reasonably necessary to carry out one or more of the purposes set forth in the application. The Commission may by its order grant permission for any such issuance or assumption in the amount or on the terms applied for, or in a less amount, or on different terms, or not at all, and may include in its order such terms and conditions fairly relating to the matter of such issuance or assumption as it may deem reasonable or necessary. Whenever the Commission refuses, in whole or in part, an application to issue securities or assume obligations or liabilities, or grants such an application with modifications, it shall state specifically its reasons so that such refusal or modifications may be reviewed judicially on appeal. If at the end of twenty-five days after the filing of such an application, or at the end of any extension or extensions of that time, which may have been ordered by the Commission, no order of disapproval is entered, the application shall be deemed in fact and law to have been approved, and an order shall be issued by the Commission authorizing the issuance of the securities or the assumption of the obligations or liabilities as applied for and such securities may be issued or such obligations or liabilities assumed accordingly. But the Commission may extend the original twenty-five-day period not to exceed an additional thirty days unless the Commission shall conclude that fifty-five days is not a sufficient time in which fully to investigate and determine whether such certificate shall be issued, in which event it shall by written order extend the time for a specified reasonable period, and in such order set forth the reasons for such extension, which order shall be viewed in law as a final order for purposes of appeal, and upon appeal the court shall approve or decrease the period specified in the order.\n\t\tTo enable it to determine whether it will issue such order, the Commission may hold a hearing and may make such additional inquiry or investigation, and examine such witnesses, books, papers, documents and contracts, and require the filing of such data as it may deem of assistance.","order_by":null,"text":{"0":{"id":220190,"text":"When an application is filed with the Commission under \u00a7 56-60 it shall consider and pass upon the same within twenty-five days, and when the application sets forth that such securities are to be issued or such obligations or liabilities are to be assumed for any purpose set forth in \u00a7 56-58, and the Commission so finds, it shall approve the application and issue the order applied for, unless the Commission shall find, for reasons stated by it, that the issuance of such securities or the assumption of such obligations or liabilities is not reasonably necessary to carry out one or more of the purposes set forth in the application. The Commission may by its order grant permission for any such issuance or assumption in the amount or on the terms applied for, or in a less amount, or on different terms, or not at all, and may include in its order such terms and conditions fairly relating to the matter of such issuance or assumption as it may deem reasonable or necessary. Whenever the Commission refuses, in whole or in part, an application to issue securities or assume obligations or liabilities, or grants such an application with modifications, it shall state specifically its reasons so that such refusal or modifications may be reviewed judicially on appeal. If at the end of twenty-five days after the filing of such an application, or at the end of any extension or extensions of that time, which may have been ordered by the Commission, no order of disapproval is entered, the application shall be deemed in fact and law to have been approved, and an order shall be issued by the Commission authorizing the issuance of the securities or the assumption of the obligations or liabilities as applied for and such securities may be issued or such obligations or liabilities assumed accordingly. But the Commission may extend the original twenty-five-day period not to exceed an additional thirty days unless the Commission shall conclude that fifty-five days is not a sufficient time in which fully to investigate and determine whether such certificate shall be issued, in which event it shall by written order extend the time for a specified reasonable period, and in such order set forth the reasons for such extension, which order shall be viewed in law as a final order for purposes of appeal, and upon appeal the court shall approve or decrease the period specified in the order.\n\t\tTo enable it to determine whether it will issue such order, the Commission may hold a hearing and may make such additional inquiry or investigation, and examine such witnesses, books, papers, documents and contracts, and require the filing of such data as it may deem of assistance.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-61\/","history_text":"

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 1980, chapter 246.<\/p>","references":false,"refers_to":[{"id":67371,"section_number":"56-58","catch_line":"Purposes for which stock, etc., may issue","order_by":null,"url":"\/56-58\/"},{"id":63271,"section_number":"56-60","catch_line":"Application for order authorizing issuance of securities or assumption of liabilities","order_by":null,"url":"\/56-60\/"}],"permalink":{"id":251009,"object_type":"law","relational_id":60189,"identifier":"56-61","token":"56\/3\/56-61","url":"\/56-61\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-61\/","token":"56\/3\/56-61","dublin_core":{"Title":"Action of Commission on such application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-61","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

When an application is filed with the Commission<\/span> under \u00a7 56-60<\/a> it shall consider and pass upon the same within twenty-five days, and when the application sets forth that such securities<\/span> are to be issued or such obligations or liabilities are to be assumed for any purpose set forth in \u00a7 56-58<\/a>, and the Commission<\/span> so finds, it shall approve the application and issue<\/span> the order applied for, unless the Commission<\/span> shall find, for reasons stated by it, that the issuance of such securities<\/span> or the assumption of such obligations or liabilities is not reasonably necessary to carry out one or more of the purposes set forth in the application. The Commission<\/span> may by its order grant permission for any such issuance or assumption in the amount or on the terms applied for, or in a less amount, or on different terms, or not at all, and may include in its order such terms and conditions fairly relating to the matter of such issuance or assumption as it may deem reasonable or necessary. Whenever the Commission<\/span> refuses, in whole or in part, an application to issue<\/span> securities<\/span> or assume obligations or liabilities, or grants such an application with modifications, it shall state specifically its reasons so that such refusal or modifications may be reviewed judicially on appeal<\/span>. If at the end of twenty-five days after the filing of such an application, or at the end of any extension or extensions of that time, which may have been ordered by the Commission<\/span>, no order of disapproval is entered, the application shall be deemed in fact<\/span> and law<\/span> to have been approved, and an order shall be issued by the Commission<\/span> authorizing the issuance of the securities<\/span> or the assumption of the obligations or liabilities as applied for and such securities<\/span> may be issued or such obligations or liabilities assumed accordingly. But the Commission<\/span> may extend the original twenty-five-day period not to exceed an additional thirty days unless the Commission<\/span> shall conclude that fifty-five days is not a sufficient time in which fully to investigate and determine whether such certificate shall be issued, in which event it shall by written order extend the time for a specified reasonable period, and in such order set forth the reasons for such extension, which order shall be viewed in law<\/span> as a final order<\/span> for purposes of appeal<\/span>, and upon appeal<\/span> the court<\/span> shall approve or decrease the period specified in the order.\n\t\tTo enable it to determine whether it will issue<\/span> such order, the Commission<\/span> may hold a hearing<\/span> and may make such additional inquiry or investigation, and examine such witnesses, books, papers, documents and contracts<\/span>, and require the filing of such data as it may deem of assistance.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACTION OF COMMISSION ON SUCH APPLICATION (\u00a7 56-61)\n\nWhen an application is filed with the Commission under \u00a7 56-60 it shall\nconsider and pass upon the same within twenty-five days, and when the\napplication sets forth that such securities are to be issued or such obligations\nor liabilities are to be assumed for any purpose set forth in \u00a7 56-58, and the\nCommission so finds, it shall approve the application and issue the order\napplied for, unless the Commission shall find, for reasons stated by it, that\nthe issuance of such securities or the assumption of such obligations or\nliabilities is not reasonably necessary to carry out one or more of the purposes\nset forth in the application. The Commission may by its order grant permission\nfor any such issuance or assumption in the amount or on the terms applied for,\nor in a less amount, or on different terms, or not at all, and may include in\nits order such terms and conditions fairly relating to the matter of such\nissuance or assumption as it may deem reasonable or necessary. Whenever the\nCommission refuses, in whole or in part, an application to issue securities or\nassume obligations or liabilities, or grants such an application with\nmodifications, it shall state specifically its reasons so that such refusal or\nmodifications may be reviewed judicially on appeal. If at the end of twenty-five\ndays after the filing of such an application, or at the end of any extension or\nextensions of that time, which may have been ordered by the Commission, no order\nof disapproval is entered, the application shall be deemed in fact and law to\nhave been approved, and an order shall be issued by the Commission authorizing\nthe issuance of the securities or the assumption of the obligations or\nliabilities as applied for and such securities may be issued or such obligations\nor liabilities assumed accordingly. But the Commission may extend the original\ntwenty-five-day period not to exceed an additional thirty days unless the\nCommission shall conclude that fifty-five days is not a sufficient time in which\nfully to investigate and determine whether such certificate shall be issued, in\nwhich event it shall by written order extend the time for a specified reasonable\nperiod, and in such order set forth the reasons for such extension, which order\nshall be viewed in law as a final order for purposes of appeal, and upon appeal\nthe court shall approve or decrease the period specified in the order.\n\t\tTo enable it to determine whether it will issue such order, the Commission may\nhold a hearing and may make such additional inquiry or investigation, and\nexamine such witnesses, books, papers, documents and contracts, and require the\nfiling of such data as it may deem of assistance.\n\nHISTORY: 1934, p. 222; Michie Code 1942, \u00a7 4073(5); 1980, c. 246.","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}}