                                 CODE OF VIRGINIA

PURPOSES TO WHICH PROCEEDS OF SECURITY ISSUES MAY BE APPLIED (§ 56-69)

No public service company shall, without the consent of the Commission, apply
the proceeds of the issue of any stock or stock certificate or other evidence of
interest or ownership, or bond, note or other evidence of indebtedness, or any
part thereof, to any purpose not specified in the Commission&#8217;s order, or
to any purpose specified in the Commission&#8217;s order in excess of the amount
authorized for such purpose, or issue or dispose of the same on any terms less
favorable than those specified in such order or any modification thereof.

HISTORY: 1934, p. 223; Michie Code 1942, § 4073(6).