56-254 - Sale or lease of plants to cities or towns. - Virginia Statutes

§ 56-254. Sale or lease of plants to cities or towns.

The board of directors of any public service corporation operating a gas,electric or water plant within the limits of any city or town, or withinterritory contiguous thereto, is hereby authorized to sell or lease to suchcity or town the entire plant of such corporation, or any part thereof,including the franchises and easements of such corporation; provided theaction of the board of directors be authorized or ratified by an affirmativevote of a majority in interest of the stock issued and outstanding of suchcorporation, unless a larger interest is required by the charter or bylaws ofsuch corporation.

(1918, p. 463; Michie Code 1942, § 4073g.)