56-65 - Exceptions as to issue of stock, etc., in treasury, etc. - Virginia Statutes

§ 56-65. Exceptions as to issue of stock, etc., in treasury, etc.

The provisions of this chapter shall not apply to the sale or otherdisposition of any stock or stock certificate or other evidence of interestor ownership, or bond, note or other evidence of indebtedness, which may beheld in the treasury of a public service company if title thereto, orpossession by pledge thereof, shall have at some previous time once lawfullypassed from such public utility company, nor to the issuance of bonds, notesor other evidences of indebtedness, payable at a period of less than twelvemonths, nor to the pledging or replacing of stocks, trust certificates,bonds, or other evidences of indebtedness to secure such bonds, notes, orevidences of indebtedness, payable at periods of less than twelve months; butif such bonds, notes, or other evidences of indebtedness shall, in whole orin part, directly or indirectly, be refunded by any issue of bonds, notes, orother evidences of indebtedness running for twelve months or more then theaforesaid mentioned provisions with regard to certificates of publicconvenience and applications therefor shall apply to such refunding.

(1934, p. 224; Michie Code 1942, § 4073(7).)