56-77 - Certain contracts must be approved by the Commission. - Virginia Statutes

§ 56-77. Certain contracts must be approved by the Commission.

A. No contract or arrangement providing for the furnishing of management,supervisory, construction, engineering, accounting, legal, financial, orsimilar services, and no contract or arrangement for the purchase, sale,lease or exchange of any property, right or thing, other than those aboveenumerated, or for the purchase or sale of treasury bonds or treasury capitalstock made or entered into between a public service company and anyaffiliated interest shall be valid or effective unless and until it shallhave been filed with and approved by the Commission. The Commission shall,after the filing of such a contract or arrangement, approve or disapprove thecontract or arrangement within sixty days. The sixty-day period may beextended by Commission order for an additional period not to exceed thirtydays. The contract or arrangement shall be deemed approved if the Commissionfails to act within sixty days or any extended period ordered by theCommission. It shall be the duty of every public service company to file withthe Commission a verified copy of any such contract or arrangement,regardless of the amount involved, and the general rule herein referred toshall remain in full force and effect as to all other public servicecompanies.

B. The Commission may, in its discretion and upon petition of the publicservice company or upon the Commission's own action, choose to exempt apublic service company from all or any part of the requirements imposed bysubsection A if the Commission determines that such an exemption is in thepublic interest. In addition to exemptions for individual public servicecompanies, the Commission may adopt rules implementing exemptions from all orany part of the requirements imposed by subsection A. The Commission mayrevoke any exemptions granted under this subsection if it finds that suchaction is in the public interest.

C. Notwithstanding the provisions of § 56-481.2, the Commission, after givingnotice and an opportunity for a hearing, may, in its discretion, require anycompany certificated to provide, and engaged in the provision of, localexchange telephone service to meet the requirements of subsection A.

(1934, p. 744; Michie Code 1942, § 3774c; 1996, c. 19; 1998, c. 707.)