56-66 - No authority to capitalize permit, franchise or contract for consolidation. - Virginia Statutes

§ 56-66. No authority to capitalize permit, franchise or contract forconsolidation.

The Commission shall have no power to authorize the capitalization of anyfranchise or permit whatsoever or the right to own, operate or enjoy any suchfranchise or permit, in excess of the amount (exclusive of any tax or annualcharge) actually paid to the Commonwealth or to a political subdivisionthereof as the consideration for the grant of such franchise, permit orright. No contract for consolidation shall be capitalized, and no publicservice company hereafter shall issue any bonds, notes or other evidences ofindebtedness against or as a lien upon any contract for consolidation ormerger.

(1934, p. 224; Michie Code 1942, § 4073(8); 1987, c. 204.)