56-89 - Acquisition or disposition of utility assets or utility securities. - Virginia Statutes

§ 56-89. Acquisition or disposition of utility assets or utility securities.

It shall be unlawful for any public utility, directly or indirectly, toacquire or dispose of any utility assets situated within the Commonwealth orany utility securities of any other company unless such acquisition ordisposition shall have been authorized by the Commission. If and when soauthorized by the Commission, any public utility may acquire or dispose ofany such utility assets or utility securities; but no such authorization bythe Commission shall confer upon any county or municipality authority, otherthan that otherwise conferred by law, to acquire or to dispose of any utilityassets or utility securities.

(1940, p. 426; Michie Code 1942, § 3774m.)