                                 CODE OF VIRGINIA

ACTION OF COMMISSION ON SUCH APPLICATION (§ 56-61)

When an application is filed with the Commission under § 56-60 it shall
consider and pass upon the same within twenty-five days, and when the
application sets forth that such securities are to be issued or such obligations
or liabilities are to be assumed for any purpose set forth in § 56-58, and the
Commission so finds, it shall approve the application and issue the order
applied for, unless the Commission shall find, for reasons stated by it, that
the issuance of such securities or the assumption of such obligations or
liabilities is not reasonably necessary to carry out one or more of the purposes
set forth in the application. The Commission may by its order grant permission
for any such issuance or assumption in the amount or on the terms applied for,
or in a less amount, or on different terms, or not at all, and may include in
its order such terms and conditions fairly relating to the matter of such
issuance or assumption as it may deem reasonable or necessary. Whenever the
Commission refuses, in whole or in part, an application to issue securities or
assume obligations or liabilities, or grants such an application with
modifications, it shall state specifically its reasons so that such refusal or
modifications may be reviewed judicially on appeal. If at the end of twenty-five
days after the filing of such an application, or at the end of any extension or
extensions of that time, which may have been ordered by the Commission, no order
of disapproval is entered, the application shall be deemed in fact and law to
have been approved, and an order shall be issued by the Commission authorizing
the issuance of the securities or the assumption of the obligations or
liabilities as applied for and such securities may be issued or such obligations
or liabilities assumed accordingly. But the Commission may extend the original
twenty-five-day period not to exceed an additional thirty days unless the
Commission shall conclude that fifty-five days is not a sufficient time in which
fully to investigate and determine whether such certificate shall be issued, in
which event it shall by written order extend the time for a specified reasonable
period, and in such order set forth the reasons for such extension, which order
shall be viewed in law as a final order for purposes of appeal, and upon appeal
the court shall approve or decrease the period specified in the order.
		To enable it to determine whether it will issue such order, the Commission may
hold a hearing and may make such additional inquiry or investigation, and
examine such witnesses, books, papers, documents and contracts, and require the
filing of such data as it may deem of assistance.

HISTORY: 1934, p. 222; Michie Code 1942, § 4073(5); 1980, c. 246.