CHAPTER 11

An Act to amend and reenact § 56-56 of the Code of Virginia, relating to
regulation of issuance of securities by public service companies. 83]

Approved February 6, 1958

Be it enacted by the General Assembly of Virginia:
ie That § 56-56 of the Code of Virginia be amended and reenacted as

ollows:

§ 56-56. The power of public service companies to issue stocks and
stock certificates or other evidences of interest or ownership, and bonds,
notes and other evidences of indebtedness and to create liens on their prop-
erty situated within this State is a special privilege, the right of super-
vision, regulation, restriction, and control of which is and shall continue
to be vested in the State; and such power shall be exercised as provided by
law and under such rules and regulations as the Commission may pre-
scribe; provided that this section shall not apply to obligations incurred for
purchase of machinery or equipment where such obligations are secured hu
conditional sales contracts.