{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-82.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-82.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-82.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-82.html"}],"law_id":72660,"edition_id":1,"section_id":72660,"structure_id":14481,"section_number":"56-82","catch_line":"Approval of loans to affiliates, etc","history":"1934, p. 745; 1938, p. 21; Michie Code 1942, \u00a7 3774i; 1998, c. 707.","full_text":"No public service company shall henceforth make, extend or renew any loan of money to any affiliated interest or assume, extend or renew any obligation or liability whatsoever of any affiliated interest, whether as guarantor, endorser, surety or otherwise, unless the Commission shall first have approved such loan or assumption, or the extension or renewal of such loan, obligation, or liability, as being not inconsistent with the public interest, and then only upon such terms and conditions as may be set forth in the order of the Commission approving such transaction. The Commission shall, after the filing of such a loan, obligation, or liability, approve or disapprove the loan, obligation, or liability within sixty days. The sixty-day period may be extended by Commission order for an additional period not to exceed thirty days. The loan, obligation, or liability shall be deemed approved if the Commission fails to act within sixty days or any extended period ordered by the Commission. This section shall not be construed so as to invalidate or impair any such loan, obligation, or liability lawfully made, extended or renewed, or assumed, extended or renewed, and entered into prior to March 29, 1934.","order_by":null,"text":{"0":{"id":261542,"text":"No public service company shall henceforth make, extend or renew any loan of money to any affiliated interest or assume, extend or renew any obligation or liability whatsoever of any affiliated interest, whether as guarantor, endorser, surety or otherwise, unless the Commission shall first have approved such loan or assumption, or the extension or renewal of such loan, obligation, or liability, as being not inconsistent with the public interest, and then only upon such terms and conditions as may be set forth in the order of the Commission approving such transaction. The Commission shall, after the filing of such a loan, obligation, or liability, approve or disapprove the loan, obligation, or liability within sixty days. The sixty-day period may be extended by Commission order for an additional period not to exceed thirty days. The loan, obligation, or liability shall be deemed approved if the Commission fails to act within sixty days or any extended period ordered by the Commission. This section shall not be construed so as to invalidate or impair any such loan, obligation, or liability lawfully made, extended or renewed, or assumed, extended or renewed, and entered into prior to March 29, 1934.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14481,"edition_id":1,"name":"Regulation of Relations With Affiliated Interests","identifier":"4","label":"chapter","depth":2,"order_by":1,"parent_id":12881,"metadata":{},"date_created":"2026-06-26 03:48:17","date_modified":"2026-06-26 03:48:17","permalink":{"id":251097,"object_type":"structure","relational_id":14481,"identifier":"4","token":"56\/4","url":"\/56\/4\/","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":58706,"structure_id":14481,"section_number":"56-76","catch_line":"Definitions","url":"\/56-76\/","token":"56\/4\/56-76","metadata":false},{"id":55874,"structure_id":14481,"section_number":"56-77","catch_line":"Certain contracts must be approved by the Commission","url":"\/56-77\/","token":"56\/4\/56-77","metadata":false},{"id":81232,"structure_id":14481,"section_number":"56-78","catch_line":"Exclusion from accounts of payments to affiliated companies","url":"\/56-78\/","token":"56\/4\/56-78","metadata":false},{"id":84568,"structure_id":14481,"section_number":"56-79","catch_line":"Proof of costs in cases of payment to affiliated companies","url":"\/56-79\/","token":"56\/4\/56-79","metadata":false},{"id":57044,"structure_id":14481,"section_number":"56-80","catch_line":"Continuing supervisory control over terms and conditions of contracts","url":"\/56-80\/","token":"56\/4\/56-80","metadata":false},{"id":75419,"structure_id":14481,"section_number":"56-81","catch_line":"Summary order prohibiting treatment of payments as operating expenses, etc","url":"\/56-81\/","token":"56\/4\/56-81","metadata":false},{"id":72660,"structure_id":14481,"section_number":"56-82","catch_line":"Approval of loans to affiliates, etc","url":"\/56-82\/","token":"56\/4\/56-82","metadata":false},{"id":75136,"structure_id":14481,"section_number":"56-83","catch_line":"Summary order prohibiting payment of dividends to affiliates","url":"\/56-83\/","token":"56\/4\/56-83","metadata":false},{"id":78171,"structure_id":14481,"section_number":"56-84","catch_line":"Application or petition by public service company and affiliates; hearing; action of Commission; conditions imposed on foreign corporations","url":"\/56-84\/","token":"56\/4\/56-84","metadata":false},{"id":71714,"structure_id":14481,"section_number":"56-85","catch_line":"Offenses","url":"\/56-85\/","token":"56\/4\/56-85","metadata":false},{"id":72643,"structure_id":14481,"section_number":"56-86","catch_line":"Appeal from decisions of Commission under chapter","url":"\/56-86\/","token":"56\/4\/56-86","metadata":false},{"id":86159,"structure_id":14481,"section_number":"56-87","catch_line":"Rules of Commission to carry out chapter","url":"\/56-87\/","token":"56\/4\/56-87","metadata":false}],"previous_section":{"id":75419,"structure_id":14481,"section_number":"56-81","catch_line":"Summary order prohibiting treatment of payments as operating expenses, etc","url":"\/56-81\/","token":"56\/4\/56-81","metadata":false},"next_section":{"id":75136,"structure_id":14481,"section_number":"56-83","catch_line":"Summary order prohibiting payment of dividends to affiliates","url":"\/56-83\/","token":"56\/4\/56-83","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-82\/","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 1998, chapter 707<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":251123,"object_type":"law","relational_id":72660,"identifier":"56-82","token":"56\/4\/56-82","url":"\/56-82\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-82\/","token":"56\/4\/56-82","dublin_core":{"Title":"Approval of loans to affiliates, etc","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-82","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No public service company<\/span> shall henceforth make, extend or renew any loan of money to any affiliated interest<\/span> or assume, extend or renew any obligation or liability whatsoever of any affiliated interest<\/span>, whether as guarantor, endorser, surety<\/span> or otherwise, unless the Commission<\/span> shall first have approved such loan or assumption, or the extension or renewal of such loan, obligation, or liability, as being not inconsistent with the public interest, and then only upon such terms and conditions as may be set forth in the order<\/span> of the Commission<\/span> approving such transaction. The Commission<\/span> shall, after the filing of such a loan, obligation, or liability, approve or disapprove the loan, obligation, or liability within sixty days. The sixty-day period may be extended by Commission<\/span> order<\/span> for an additional period not to exceed thirty days. The loan, obligation, or liability shall be deemed approved if the Commission<\/span> fails to act within sixty days or any extended period ordered by the Commission<\/span>. This section shall not be construed so as to invalidate or impair any such loan, obligation, or liability lawfully made, extended or renewed, or assumed, extended or renewed, and entered into prior to March 29, 1934.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPROVAL OF LOANS TO AFFILIATES, ETC (\u00a7 56-82)\n\nNo public service company shall henceforth make, extend or renew any loan of\nmoney to any affiliated interest or assume, extend or renew any obligation or\nliability whatsoever of any affiliated interest, whether as guarantor, endorser,\nsurety or otherwise, unless the Commission shall first have approved such loan\nor assumption, or the extension or renewal of such loan, obligation, or\nliability, as being not inconsistent with the public interest, and then only\nupon such terms and conditions as may be set forth in the order of the\nCommission approving such transaction. The Commission shall, after the filing of\nsuch a loan, obligation, or liability, approve or disapprove the loan,\nobligation, or liability within sixty days. The sixty-day period may be extended\nby Commission order for an additional period not to exceed thirty days. The\nloan, obligation, or liability shall be deemed approved if the Commission fails\nto act within sixty days or any extended period ordered by the Commission. This\nsection shall not be construed so as to invalidate or impair any such loan,\nobligation, or liability lawfully made, extended or renewed, or assumed,\nextended or renewed, and entered into prior to March 29, 1934.\n\nHISTORY: 1934, p. 745; 1938, p. 21; Michie Code 1942, \u00a7 3774i; 1998, c. 707.","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}}