{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-67.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-67.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-67.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-67.html"}],"law_id":81486,"edition_id":1,"section_id":81486,"structure_id":13407,"section_number":"56-67","catch_line":"Issuance of securities or assumption of liability void if order not obtained","history":"1934, p. 224; Michie Code 1942, \u00a7 4073(10).","full_text":"Any stock, or stock certificate or other evidence of interest or ownership, and, except as otherwise provided by \u00a7 56-65, any bond, note or other evidence of indebtedness, of a public service company, and every assumption of obligation or liability as a guarantor, endorser, surety or otherwise in respect to 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, shall be void if issued or assumed without an order of the Commission authorizing the same, or if issued or assumed contrary in any substantial respect to any term or condition of such order as issued, or as modified prior to such issuance or assumption; but no such issuance or assumption, if made in accordance in every substantial respect with all terms and conditions of such order as issued or as modified prior to such issuance or assumption, shall be rendered void because of failure to comply with any provision of this chapter relating to procedure or other matters preceding the entry of such order.","order_by":null,"text":{"0":{"id":291948,"text":"Any stock, or stock certificate or other evidence of interest or ownership, and, except as otherwise provided by \u00a7 56-65, any bond, note or other evidence of indebtedness, of a public service company, and every assumption of obligation or liability as a guarantor, endorser, surety or otherwise in respect to 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, shall be void if issued or assumed without an order of the Commission authorizing the same, or if issued or assumed contrary in any substantial respect to any term or condition of such order as issued, or as modified prior to such issuance or assumption; but no such issuance or assumption, if made in accordance in every substantial respect with all terms and conditions of such order as issued or as modified prior to such issuance or assumption, shall be rendered void because of failure to comply with any provision of this chapter relating to procedure or other matters preceding the entry of such order.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-67\/","history_text":false,"references":false,"refers_to":[{"id":69084,"section_number":"56-65","catch_line":"Exceptions as to issue of stock, etc., in treasury, etc","order_by":null,"url":"\/56-65\/"}],"permalink":{"id":251041,"object_type":"law","relational_id":81486,"identifier":"56-67","token":"56\/3\/56-67","url":"\/56-67\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-67\/","token":"56\/3\/56-67","dublin_core":{"Title":"Issuance of securities or assumption of liability void if order not obtained","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-67","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any stock, or stock certificate or other evidence<\/span> of interest or ownership, and, except as otherwise provided by \u00a7 56-65<\/a>, any bond<\/span>, note or other evidence<\/span> of indebtedness, of a public service company<\/span>, and every assumption of obligation or liability as a guarantor, endorser, surety<\/span> or otherwise in respect to 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, shall be void if issued or assumed without an order<\/span> of the Commission<\/span> authorizing the same, or if issued or assumed contrary in any substantial respect to any term or condition of such order<\/span> as issued, or as modified prior to such issuance or assumption; but no such issuance or assumption, if made in accordance in every substantial respect with all terms and conditions of such order<\/span> as issued or as modified prior to such issuance or assumption, shall be rendered void because of failure to comply with any provision of this chapter relating to procedure or other matters preceding the entry of such order<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF SECURITIES OR ASSUMPTION OF LIABILITY VOID IF ORDER NOT OBTAINED (\u00a7\n56-67)\n\nAny stock, or stock certificate or other evidence of interest or ownership, and,\nexcept as otherwise provided by \u00a7 56-65, any bond, note or other evidence of\nindebtedness, of a public service company, and every assumption of obligation or\nliability as a guarantor, endorser, surety or otherwise in respect to the\nsecurities of any other person, firm, association or corporation, when such\nsecurities are payable at periods of twelve months, or more, after the date\nthereof, shall be void if issued or assumed without an order of the Commission\nauthorizing the same, or if issued or assumed contrary in any substantial\nrespect to any term or condition of such order as issued, or as modified prior\nto such issuance or assumption; but no such issuance or assumption, if made in\naccordance in every substantial respect with all terms and conditions of such\norder as issued or as modified prior to such issuance or assumption, shall be\nrendered void because of failure to comply with any provision of this chapter\nrelating to procedure or other matters preceding the entry of such order.\n\nHISTORY: 1934, p. 224; Michie Code 1942, \u00a7 4073(10).","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}}