56-88.1 - Acquisition or disposition of control of a public utility. - Virginia Statutes

§ 56-88.1. Acquisition or disposition of control of a public utility.

No person, whether acting alone or in concert with others, shall, directly orindirectly, acquire or dispose of control of (i) a public utility within themeaning of this chapter or (ii) a telephone company, or all of the assetsthereof, without the prior approval of the Commission. Any person proposingan acquisition or disposition for which Commission approval is required bythis section shall seek such approval pursuant to the procedure of § 56-90.The Commission shall, after the filing of a completed application, approve ordisapprove the requested acquisition or disposition within sixty days. Thesixty-day period may be extended by Commission order for a period not toexceed an additional 120 days. The application shall be deemed approved ifthe Commission fails to act within sixty days or any extended period orderedby the Commission.

Any such acquisition or disposition of control without prior approval shallbe voidable by the Commission. In addition, the Commission is authorized torevoke any certificate of public convenience and necessity it has issued,order compliance with this chapter, or take such other action as may beappropriate within the authority of the Commission.

For purposes of this section, "control" means (i) the acquisition oftwenty-five percent or more of the voting stock or (ii) the actual exerciseof any substantial influence over the policies and actions of any publicutility or telephone company.

This section shall not apply to any company engaged in the business ofgenerating electricity whose rates and services are not regulated by theState Corporation Commission.

(1992, c. 376.)