15.2-5108 - Issuance of certificate or charter. - Virginia Statutes

§ 15.2-5108. Issuance of certificate or charter.

The State Corporation Commission shall issue a certificate of incorporationor charter to the authority if it finds that:

1. The articles of incorporation conform to law; and

2. The estimated costs and rates for services of the proposed projects arefair and equitable, and have been advertised under § 15.2-5104 or subsectionA of § 15.2-5156, as applicable.

Upon the issuance of the certificate or charter such authority shall beconclusively deemed to have been lawfully and properly created andestablished and authorized to exercise its powers under this chapter.

(Code 1950, § 15-764.8; 1950, p. 1316; 1962, c. 623, § 15.1-1246; 1973, c.478; 1983, c. 80; 1984, c. 239; 1997, c. 587; 2009, c. 473.)