56-65.1 - Short-term indebtedness. - Virginia Statutes

§ 56-65.1. Short-term indebtedness.

Notwithstanding the provisions of §§ 56-57 and 56-65, the provisions of thischapter shall apply to the issuance of any note or notes by any publicservice company which has total capitalization, including securities having amaturity date of less than twelve months from the time of issue, of fivemillion dollars or more, unless such note or notes together with all otheroutstanding notes and drafts of a maturity of less than twelve months onwhich such utility is primarily or secondarily liable, aggregates not morethan twelve percent of the total capitalization of such utility.

(1952, c. 148; 1976, c. 408; 1987, c. 479; 1995, c. 137.)