56-70 - Accounting for disposition of proceeds of issue of securities. - Virginia Statutes

§ 56-70. Accounting for disposition of proceeds of issue of securities.

The Commission shall have the power to require public service companies toaccount for the disposition of the proceeds of all sales of stocks and stockcertificates or other evidences of interest or ownership, and bonds, notes,and other evidences of indebtedness, in such form and detail as it may deemadvisable, and to establish such rules and regulations as it may deemreasonable and necessary to insure the disposition of such proceeds for thepurpose or purposes specified in its order.

(1934, p. 224; Michie Code 1942, § 4073(9).)