                                 CODE OF VIRGINIA

ACQUISITION OR DISPOSITION OF CONTROL OF A PUBLIC UTILITY (§ 56-88.1)

A. No person, whether acting alone or in concert with others, shall, directly or
indirectly, acquire or dispose of control of:

   1. A public utility within the meaning of this chapter, or all of the assets
   thereof, without the prior approval of the Commission. Any person proposing an
   acquisition or disposition for which Commission approval is required by this
   section shall seek such approval pursuant to the procedure of &#xA7; 56-90; or

   2. A telephone company, or all of the assets thereof, without the prior
   approval of the Commission. In determining whether to grant approval, the
   Commission shall consider only the financial, managerial, and technical
   resources to render local exchange telecommunications services of the person
   acquiring control of or all of the assets of the telephone company.
   				The Commission shall, after the filing of a completed application, approve
   or disapprove the requested acquisition or disposition within 60 days. The
   60-day period may be extended by Commission order for a period not to exceed
   an additional 120 days. The application shall be deemed approved if the
   Commission fails to act within 60 days or any extended period ordered by the
   Commission.

B. Any such acquisition or disposition of control without prior approval shall
be voidable by the Commission. In addition, the Commission is authorized to
revoke any certificate of public convenience and necessity it has issued, order
compliance with this chapter, or take such other action as may be appropriate
within the authority of the Commission.

C. For purposes of this section, &#8220;control&#8221; means (i) the acquisition
of 25 percent or more of the voting stock or (ii) the actual exercise of any
substantial influence over the policies and actions of any public utility or
telephone company.

D. This section shall not apply to any company engaged in the business of
generating electricity whose rates and services are not regulated by the State
Corporation Commission.

HISTORY: 1992, c. 376; 2011, cc. 738, 740.