                                 CODE OF VIRGINIA

SALE OF PUBLIC SERVICE CORPORATION UNDER DEED OF TRUST; HOW PURCHASER MAY FORM
NEW CORPORATION (§ 56-9)

If a sale be made under a deed of trust or mortgage, executed by a public
service corporation, on all its works and property, and there be a conveyance
pursuant thereto, such sale and conveyance shall pass to the purchaser at the
sale not only the works and property of the company as they were at the time of
making the deed of trust or mortgage, but any works which the company may, after
that time and before the sale, having constructed, and all other property of
which it may be possessed at the time of the sale other than debts due to it.
Upon such conveyance to the purchaser, the company shall ipso facto be
dissolved, and the purchaser shall become a corporation by any name which may be
set forth in the conveyance, upon complying with the provisions of §
13.1-604.1.

HISTORY: Code 1919, § 3895.