{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-66.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-66.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-66.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-66.html"}],"law_id":71883,"edition_id":1,"section_id":71883,"structure_id":13407,"section_number":"56-66","catch_line":"No authority to capitalize permit, franchise or contract for consolidation","history":"1934, p. 224; Michie Code 1942, \u00a7 4073(8); 1987, c. 204.","full_text":"The Commission shall have no power to authorize the capitalization of any franchise or permit whatsoever or the right to own, operate or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the Commonwealth or to a political subdivision thereof as the consideration for the grant of such franchise, permit or right. No contract for consolidation shall be capitalized, and no public service company hereafter shall issue any bonds, notes or other evidences of indebtedness against or as a lien upon any contract for consolidation or merger.","order_by":null,"text":{"0":{"id":258998,"text":"The Commission shall have no power to authorize the capitalization of any franchise or permit whatsoever or the right to own, operate or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the Commonwealth or to a political subdivision thereof as the consideration for the grant of such franchise, permit or right. No contract for consolidation shall be capitalized, and no public service company hereafter shall issue any bonds, notes or other evidences of indebtedness against or as a lien upon any contract for consolidation or merger.","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":67701,"structure_id":13407,"section_number":"56-65.2","catch_line":"Repealed","url":"\/56-65.2\/","token":"56\/3\/56-65.2","metadata":false},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-66\/","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 1987, chapter 204.<\/p>","references":false,"refers_to":false,"permalink":{"id":251037,"object_type":"law","relational_id":71883,"identifier":"56-66","token":"56\/3\/56-66","url":"\/56-66\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-66\/","token":"56\/3\/56-66","dublin_core":{"Title":"No authority to capitalize permit, franchise or contract for consolidation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-66","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">Commission<\/span> shall have no power to authorize the capitalization of any franchise or permit whatsoever or the right to own, operate or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the Commonwealth or to a political subdivision thereof as the consideration for the grant of such franchise, permit or right. No <span class=\"dictionary\">contract<\/span> for <span class=\"dictionary\">consolidation<\/span> shall be capitalized, and no <span class=\"dictionary\">public service company<\/span> hereafter shall <span class=\"dictionary\">issue<\/span> any <span class=\"dictionary\">bonds<\/span>, notes or other <span class=\"dictionary\">evidences<\/span> of indebtedness against or as a <span class=\"dictionary\">lien<\/span> upon any <span class=\"dictionary\">contract<\/span> for <span class=\"dictionary\">consolidation<\/span> or merger.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nNO AUTHORITY TO CAPITALIZE PERMIT, FRANCHISE OR CONTRACT FOR CONSOLIDATION (\u00a7\n56-66)\n\nThe Commission shall have no power to authorize the capitalization of any\nfranchise or permit whatsoever or the right to own, operate or enjoy any such\nfranchise or permit, in excess of the amount (exclusive of any tax or annual\ncharge) actually paid to the Commonwealth or to a political subdivision thereof\nas the consideration for the grant of such franchise, permit or right. No\ncontract for consolidation shall be capitalized, and no public service company\nhereafter shall issue any bonds, notes or other evidences of indebtedness\nagainst or as a lien upon any contract for consolidation or merger.\n\nHISTORY: 1934, p. 224; Michie Code 1942, \u00a7 4073(8); 1987, c. 204.","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}}