CHAPTER 148

An Act to amend the Code of Virginia by adding thereto a new section
numbered § 56-65.1, relating to the issuance of certain notes by public
service companies.

[H 35]

Approved February 28, 1952

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a new
section numbered § 56-65.1 as follows:

§ 56-65.1. Short term notes of electric utilities —Notwithstanding
the provisions of §§ 56-57 and 56-65, the provisions of this chapter shall
apply to the issuance of any note of one million dollars or more by any
public service company which is subject to any provision of the Federal
Power Act unless such note aggregates together with all other then out-
standing notes and drafts of a maturity one year or less on which such
electric utility is primarily or secondarily liable not more than five per
centum of the par value of the other securities of such electric utility then
outstanding, computed, in the case of securities having no par value, on
the basis of the fair market value as of the date of issue.