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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>81486</law_id><section_number>56-67</section_number><catch_line>Issuance of securities or assumption of liability void if order not obtained</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="56">Public Service Companies</unit><unit label="chapter" level="2" order_by="1" identifier="3">Issuance of Stocks, Bonds, Etc.</unit></structure><text>
						<section><p>Any stock, or stock certificate or other <span class="dictionary">evidence</span> of interest or ownership, and, except as otherwise provided by &#xA7;&#xA0;<a class="law" title="Exceptions as to issue of stock, etc., in treasury, etc" href="/56-65/">56-65</a>, any <span class="dictionary">bond</span>, note or other <span class="dictionary">evidence</span> of indebtedness, of a <span class="dictionary">public service company</span>, and every assumption of obligation or liability as a guarantor, endorser, <span class="dictionary">surety</span> or otherwise in respect to the <span class="dictionary">securities</span> of any other <span class="dictionary">person</span>, firm, association or <span class="dictionary">corporation</span>, when such <span class="dictionary">securities</span> are payable at periods of twelve months, or more, after the date thereof, shall be void if issued or assumed without an <span class="dictionary">order</span> of the <span class="dictionary">Commission</span> authorizing the same, or if issued or assumed contrary in any substantial respect to any term or condition of such <span class="dictionary">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 <span class="dictionary">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 <span class="dictionary">order</span>.</p></section></text><history>1934, p. 224; Michie Code 1942, &#xA7; 4073(10).</history><metadata></metadata></law>
