                                 CODE OF VIRGINIA

ISSUANCE OF SECURITIES OR ASSUMPTION OF LIABILITY VOID IF ORDER NOT OBTAINED (§
56-67)

Any stock, or stock certificate or other evidence of interest or ownership, and,
except as otherwise provided by § 56-65, any bond, note or other evidence of
indebtedness, of a public service company, and every assumption of obligation or
liability as a guarantor, endorser, surety or otherwise in respect to the
securities of any other person, firm, association or corporation, when such
securities are payable at periods of twelve months, or more, after the date
thereof, shall be void if issued or assumed without an order of the Commission
authorizing the same, or if issued or assumed contrary in any substantial
respect to any term or condition of such order 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
order 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 order.

HISTORY: 1934, p. 224; Michie Code 1942, § 4073(10).