                                 CODE OF VIRGINIA

EXCEPTIONS AS TO ISSUE OF STOCK, ETC., IN TREASURY, ETC (§ 56-65)

The provisions of this chapter shall not apply to the sale or other disposition
of any stock or stock certificate or other evidence of interest or ownership, or
bond, note or other evidence of indebtedness, which may be held in the treasury
of a public service company if title thereto, or possession by pledge thereof,
shall have at some previous time once lawfully passed from such public utility
company, nor to the issuance of bonds, notes or other evidences of indebtedness,
payable at a period of less than twelve months, nor to the pledging or replacing
of stocks, trust certificates, bonds, or other evidences of indebtedness to
secure such bonds, notes, or evidences of indebtedness, payable at periods of
less than twelve months; but if such bonds, notes, or other evidences of
indebtedness shall, in whole or in part, directly or indirectly, be refunded by
any issue of bonds, notes, or other evidences of indebtedness running for twelve
months or more then the aforesaid mentioned provisions with regard to
certificates of public convenience and applications therefor shall apply to such
refunding.

HISTORY: 1934, p. 224; Michie Code 1942, § 4073(7).