56-90 - Procedure for authority to acquire or dispose of utility assets or securities. - Virginia Statutes

§ 56-90. Procedure for authority to acquire or dispose of utility assets orsecurities.

Application for authority to acquire or dispose of utility assets or utilitysecurities under § 56-89 shall be by petition to the Commission. The petitionmay be joint or several. It shall be signed and verified by the president orany vice-president and the secretary or any assistant secretary of thepetitioner. The petition shall clearly summarize the object in view, theproposed procedure and the terms and conditions thereof. Upon the filing ofthe petition, if the Commission shall deem a hearing necessary, theCommission shall assign the matter for prompt hearing. If and when theCommission, with or without hearing, shall be satisfied that adequate serviceto the public at just and reasonable rates will not be impaired orjeopardized by granting the prayer of the petition, the Commission shall makesuch order in the premises as it may deem proper and the circumstancesrequire, and thereupon it shall be lawful to do the things provided for insuch order, subject, however, to the exception contained in § 56-89 as tocounties and municipalities.

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