56-9 - Sale of public service corporation under deed of trust; how purchaser may form new corporation. - Virginia Statutes

§ 56-9. Sale of public service corporation under deed of trust; how purchasermay form new corporation.

If a sale be made under a deed of trust or mortgage, executed by a publicservice corporation, on all its works and property, and there be a conveyancepursuant thereto, such sale and conveyance shall pass to the purchaser at thesale not only the works and property of the company as they were at the timeof making the deed of trust or mortgage, but any works which the company may,after that time and before the sale, having constructed, and all otherproperty of which it may be possessed at the time of the sale other thandebts due to it. Upon such conveyance to the purchaser, the company shallipso facto be dissolved, and the purchaser shall become a corporation by anyname which may be set forth in the conveyance, upon complying with theprovisions of § 13.1-604.1.

(Code 1919, § 3895.)