56-82 - Approval of loans to affiliates, etc. - Virginia Statutes

§ 56-82. Approval of loans to affiliates, etc.

No public service company shall henceforth make, extend or renew any loan ofmoney to any affiliated interest or assume, extend or renew any obligation orliability whatsoever of any affiliated interest, whether as guarantor,endorser, surety or otherwise, unless the Commission shall first haveapproved such loan or assumption, or the extension or renewal of such loan,obligation, or liability, as being not inconsistent with the public interest,and then only upon such terms and conditions as may be set forth in the orderof the Commission approving such transaction. The Commission shall, after thefiling of such a loan, obligation, or liability, approve or disapprove theloan, obligation, or liability within sixty days. The sixty-day period may beextended by Commission order for an additional period not to exceed thirtydays. The loan, obligation, or liability shall be deemed approved if theCommission fails to act within sixty days or any extended period ordered bythe Commission. This section shall not be construed so as to invalidate orimpair any such loan, obligation, or liability lawfully made, extended orrenewed, or assumed, extended or renewed, and entered into prior to March 29,1934.

(1934, p. 745; 1938, p. 21; Michie Code 1942, § 3774i; 1998, c. 707.)