CHAPTER 110

An Act to amend and reenact § 18.1-50 of the Code of Virginia, relating
to special kinds of businesses. CH 92}

Approved March 4, 1968

Be it enacted by the General Assembly of Virginia:

1. That § 13.1-50 of the Code of Virginia, be amended and reenacted
as follows:

§ 18.1-50. Special kinds of business.—If any corporation is to con-
duct the business of a bank or trust company, that shall be stated in the
articles of incorporation and the corporation shall not have power to con-
duct other business except as may be related to or incidental to the banking
or trust company business.

f any corporation is to conduct the business of an insurance com-
pany, that shall be stated in the articles of incorporation and the articles
shall further set forth the class or classes of insurance the corporation
proposes to undertake and the corporation shall not have power to conduct
other business except as may be related to or incidental to the insurance

usiness.

If any corporation is to conduct the business of a building and loan
association, an industrial loan association or a credit union, that shall be
stated in the articles of incorporation and the corporation shall not have
power to conduct other business except as may be related to or incidental
to the stated business.

If any corporation is to conduct the business of a railroad or other
public service company, that shall be stated in the articles of incorporation
and a brief description of the business shall be included. Otherwise the
corporation shall not have the power to conduct a public service business
or to exercise any of the privileges of a public service company. No cor-

oration shall be organized under this act for the purpose of conducting
in this State more than one kind of public service business except that the
telephone and telegraph businesses or the water and sewer businesses may
be combined, but this provision shall not limit the powers of domestic
corporations existing when this act becomes effective. No corporation
organized under this act to conduct the business of a public service com-
pany shall have general business powers in this State. Corporations or-
ganized under this act to conduct the business of a public service company
may, however, conduct in this State other public service business or non-
public service business so far as may be related to or incidental to its
stated business as a public service company and in any other state such
business as may be authorized or permitted by the laws thereof. Nothing
in this paragraph shall limit the powers of such corporations in respect
of the securities of other corporations.

If one or more of the purposes set forth in the articles of incorporation
is to own, manage or control any plant or equipment or any part of a plant
or equipment within the State for the conveyance of telephone messages
or for the production, transmission, delivery or furnishing of heat, light,
power or water or sewerage facilities, either directly or indirectly, to or
for the public, the Commission shall not issue a certificate of incorporation
unless the articles of incorporation expressly state that the corporation
is to conduct business as a public service company. For the purposes of
this Act the business of household goods carriers, petroleum tank truck
carriers, bottled gas companies, taxicab companies and community tele-
vision companies shall not be deemed to be the business of a public service
company.