56-520 - Collection and disposition of revenues accruing from utility. - Virginia Statutes

§ 56-520. Collection and disposition of revenues accruing from utility.

The Governor may provide in such manner as he deems appropriate for thecollection of the gross revenues accruing from the utility during the time ofits operation by the Commonwealth. After payment of proper operating expensesand reimbursement of the Commonwealth for all expenses incurred in preparingto operate same and making allowances of the additional items as provided in§ 56-523 in defining net income, eighty-five per centum of the net incomeshall be paid to the utility as compensation for the temporary use of itsbusiness, facilities and properties. The amount of money so paid shall innowise control the amount of just compensation to be allowed the utility. Inthe event of disagreement as to the amount of payments under this section,either party may, by appropriate petition, submit the matter to the StateCorporation Commission with the right of appeal from its decision to theSupreme Court.

(1952, c. 696.)