{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/56-90.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/56-90.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/56-90.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/56-90.1.html"}],"law_id":78787,"edition_id":1,"section_id":78787,"structure_id":15494,"section_number":"56-90.1","catch_line":"Sale of utility assets or undivided fractional interest therein; taxation","history":"1979, c. 238; 1980, c. 703.","full_text":"If the Commission shall have granted a petition filed pursuant to \u00a7 56-90 in which a public utility has applied for authority to sell utility assets or associated properties situated within the Commonwealth, or an undivided fractional interest therein, to (i) an association of one or more electric cooperatives or electric membership corporations that are wholesale customers of the electric public utility, (ii) an association of one or more cities or incorporated towns that are wholesale customers of the electric utility, (iii) any combination of such associations, or (iv) another public utility then, notwithstanding any other provisions of law:\n\n1\n\nA waiver made by any such electric public utility, association of cooperatives, cities or towns of any right it may have to compel partition, whether pursuant to the provisions of Article 9 (§ 8.01-81 et seq.) of Chapter 3 of Title 8.01, or otherwise, shall be effective and enforceable against (i) such public utility, association of cooperatives, cities or towns, and their successors and assigns, and (ii) all creditors of such public utility, association of cooperatives, cities and towns, their successors and assigns, who have notice of record of such waiver, so long as the waiver shall be limited so as not to exceed ninety-nine years;2\n\nNo state recording tax shall be payable upon the admission to record of any deed, deed of trust, mortgage, bill of sale, contract, agreement or other writing supplemental to any such instrument which conveys or reconveys such utility assets or properties, or an undivided fractional interest therein or secures any bonds or other obligations of such association of cooperatives, cities or towns or combination thereof; provided, however, that any local recording taxes shall be payable as though the state recording taxes had been collected;3\n\nNo state franchise tax or local license tax shall be payable on the proceeds of any such sale of utility assets or properties, or an undivided fractional interest therein; and4\n\nUnless otherwise expressly agreed by the joint owners the joint ownership of such utility assets or properties as approved by the Commission shall not constitute a partnership or joint venture among the owners.","order_by":null,"text":{"0":{"id":282255,"text":"If the Commission shall have granted a petition filed pursuant to \u00a7 56-90 in which a public utility has applied for authority to sell utility assets or associated properties situated within the Commonwealth, or an undivided fractional interest therein, to (i) an association of one or more electric cooperatives or electric membership corporations that are wholesale customers of the electric public utility, (ii) an association of one or more cities or incorporated towns that are wholesale customers of the electric utility, (iii) any combination of such associations, or (iv) another public utility then, notwithstanding any other provisions of law:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":282256,"text":"A waiver made by any such electric public utility, association of cooperatives, cities or towns of any right it may have to compel partition, whether pursuant to the provisions of Article 9 (§ 8.01-81 et seq.) of Chapter 3 of Title 8.01, or otherwise, shall be effective and enforceable against (i) such public utility, association of cooperatives, cities or towns, and their successors and assigns, and (ii) all creditors of such public utility, association of cooperatives, cities and towns, their successors and assigns, who have notice of record of such waiver, so long as the waiver shall be limited so as not to exceed ninety-nine years;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":282257,"text":"No state recording tax shall be payable upon the admission to record of any deed, deed of trust, mortgage, bill of sale, contract, agreement or other writing supplemental to any such instrument which conveys or reconveys such utility assets or properties, or an undivided fractional interest therein or secures any bonds or other obligations of such association of cooperatives, cities or towns or combination thereof; provided, however, that any local recording taxes shall be payable as though the state recording taxes had been collected;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":282258,"text":"No state franchise tax or local license tax shall be payable on the proceeds of any such sale of utility assets or properties, or an undivided fractional interest therein; and","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":282259,"text":"Unless otherwise expressly agreed by the joint owners the joint ownership of such utility assets or properties as approved by the Commission shall not constitute a partnership or joint venture among the owners.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":15494,"edition_id":1,"name":"Utility Transfers Act","identifier":"5","label":"chapter","depth":2,"order_by":1,"parent_id":12881,"metadata":{},"date_created":"2026-06-26 03:55:33","date_modified":"2026-06-26 03:55:33","permalink":{"id":251147,"object_type":"structure","relational_id":15494,"identifier":"5","token":"56\/5","url":"\/56\/5\/","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":79652,"structure_id":15494,"section_number":"56-88","catch_line":"Definitions","url":"\/56-88\/","token":"56\/5\/56-88","metadata":false},{"id":72109,"structure_id":15494,"section_number":"56-88.1","catch_line":"Acquisition or disposition of control of a public utility","url":"\/56-88.1\/","token":"56\/5\/56-88.1","metadata":false},{"id":83839,"structure_id":15494,"section_number":"56-89","catch_line":"Acquisition or disposition of utility assets or utility securities","url":"\/56-89\/","token":"56\/5\/56-89","metadata":false},{"id":66580,"structure_id":15494,"section_number":"56-90","catch_line":"Procedure for authority to acquire or dispose of utility assets or securities","url":"\/56-90\/","token":"56\/5\/56-90","metadata":false},{"id":78787,"structure_id":15494,"section_number":"56-90.1","catch_line":"Sale of utility assets or undivided fractional interest therein; taxation","url":"\/56-90.1\/","token":"56\/5\/56-90.1","metadata":false},{"id":79669,"structure_id":15494,"section_number":"56-90.2","catch_line":"Fair market valuations of water and sewer utility asset acquisitions","url":"\/56-90.2\/","token":"56\/5\/56-90.2","metadata":false},{"id":59052,"structure_id":15494,"section_number":"56-91","catch_line":"Violations of chapter","url":"\/56-91\/","token":"56\/5\/56-91","metadata":false},{"id":62643,"structure_id":15494,"section_number":"56-92","catch_line":"Short title","url":"\/56-92\/","token":"56\/5\/56-92","metadata":false}],"previous_section":{"id":66580,"structure_id":15494,"section_number":"56-90","catch_line":"Procedure for authority to acquire or dispose of utility assets or securities","url":"\/56-90\/","token":"56\/5\/56-90","metadata":false},"next_section":{"id":79669,"structure_id":15494,"section_number":"56-90.2","catch_line":"Fair market valuations of water and sewer utility asset acquisitions","url":"\/56-90.2\/","token":"56\/5\/56-90.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-90.1\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 238 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1979 \u201cActs\u201d aren\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 703.<\/p>","references":false,"refers_to":[{"id":66580,"section_number":"56-90","catch_line":"Procedure for authority to acquire or dispose of utility assets or securities","order_by":null,"url":"\/56-90\/"},{"id":57523,"section_number":"8.01-81","catch_line":"Who may compel partition of land; jurisdiction; validation of certain partitions of mineral rights; when shares of two or more laid off together","order_by":null,"url":"\/8.01-81\/"}],"permalink":{"id":251165,"object_type":"law","relational_id":78787,"identifier":"56-90.1","token":"56\/5\/56-90.1","url":"\/56-90.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/56-90.1\/","token":"56\/5\/56-90.1","dublin_core":{"Title":"Sale of utility assets or undivided fractional interest therein; taxation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-90.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If the Commission<\/span> shall have granted a petition<\/span> filed pursuant to \u00a7 56-90<\/a> in which a public utility<\/span> has applied for authority to sell utility assets<\/span> or associated properties situated within the Commonwealth, or an undivided fractional interest therein, to (i) an association of one or more electric cooperatives or electric membership corporations<\/span> that are wholesale customers of the electric public utility<\/span>, (ii) an association of one or more cities or incorporated towns that are wholesale customers of the electric utility, (iii) any combination of such associations, or (iv) another public utility<\/span> then, notwithstanding any other provisions of law<\/span>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A waiver<\/span> made by any such electric public utility<\/span>, association of cooperatives, cities or towns of any right it may have to compel partition<\/span>, whether pursuant to the provisions of Article 9 (§ 8.01-81<\/a> et seq.) of Chapter 3 of Title 8.01, or otherwise, shall be effective and enforceable against (i) such public utility<\/span>, association of cooperatives, cities or towns, and their successors and assigns, and (ii) all creditors<\/span> of such public utility<\/span>, association of cooperatives, cities and towns, their successors and assigns, who have notice of record of such waiver<\/span>, so long as the waiver<\/span> shall be limited so as not to exceed ninety-nine years; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> No state recording tax shall be payable upon the admission to record of any deed, deed of trust, mortgage, bill of sale, contract<\/span>, agreement or other writing supplemental to any such instrument which conveys or reconveys such utility assets<\/span> or properties, or an undivided fractional interest therein or secures any bonds<\/span> or other obligations of such association of cooperatives, cities or towns or combination thereof; provided, however, that any local recording taxes shall be payable as though the state recording taxes had been collected; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> No state franchise tax or local license tax shall be payable on the proceeds of any such sale of utility assets<\/span> or properties, or an undivided fractional interest therein; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Unless otherwise expressly agreed by the joint owners the joint ownership of such utility assets<\/span> or properties as approved by the Commission<\/span> shall not constitute a partnership or joint venture among the owners. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSALE OF UTILITY ASSETS OR UNDIVIDED FRACTIONAL INTEREST THEREIN; TAXATION (\u00a7\n56-90.1)\n\nIf the Commission shall have granted a petition filed pursuant to \u00a7 56-90 in\nwhich a public utility has applied for authority to sell utility assets or\nassociated properties situated within the Commonwealth, or an undivided\nfractional interest therein, to (i) an association of one or more electric\ncooperatives or electric membership corporations that are wholesale customers of\nthe electric public utility, (ii) an association of one or more cities or\nincorporated towns that are wholesale customers of the electric utility, (iii)\nany combination of such associations, or (iv) another public utility then,\nnotwithstanding any other provisions of law:\n\n1. A waiver made by any such electric public utility, association of\ncooperatives, cities or towns of any right it may have to compel partition,\nwhether pursuant to the provisions of Article 9 (§ 8.01-81 et seq.) of\nChapter 3 of Title 8.01, or otherwise, shall be effective and enforceable\nagainst (i) such public utility, association of cooperatives, cities or towns,\nand their successors and assigns, and (ii) all creditors of such public utility,\nassociation of cooperatives, cities and towns, their successors and assigns, who\nhave notice of record of such waiver, so long as the waiver shall be limited so\nas not to exceed ninety-nine years;\n\n2. No state recording tax shall be payable upon the admission to record of any\ndeed, deed of trust, mortgage, bill of sale, contract, agreement or other\nwriting supplemental to any such instrument which conveys or reconveys such\nutility assets or properties, or an undivided fractional interest therein or\nsecures any bonds or other obligations of such association of cooperatives,\ncities or towns or combination thereof; provided, however, that any local\nrecording taxes shall be payable as though the state recording taxes had been\ncollected;\n\n3. No state franchise tax or local license tax shall be payable on the proceeds\nof any such sale of utility assets or properties, or an undivided fractional\ninterest therein; and\n\n4. Unless otherwise expressly agreed by the joint owners the joint ownership of\nsuch utility assets or properties as approved by the Commission shall not\nconstitute a partnership or joint venture among the owners.\n\nHISTORY: 1979, c. 238; 1980, c. 703.","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}}