                                 CODE OF VIRGINIA

NO AUTHORITY TO CAPITALIZE PERMIT, FRANCHISE OR CONTRACT FOR CONSOLIDATION (§
56-66)

The Commission shall have no power to authorize the capitalization of any
franchise or permit whatsoever or the right to own, operate or enjoy any such
franchise or permit, in excess of the amount (exclusive of any tax or annual
charge) actually paid to the Commonwealth or to a political subdivision thereof
as the consideration for the grant of such franchise, permit or right. No
contract for consolidation shall be capitalized, and no public service company
hereafter shall issue any bonds, notes or other evidences of indebtedness
against or as a lien upon any contract for consolidation or merger.

HISTORY: 1934, p. 224; Michie Code 1942, § 4073(8); 1987, c. 204.