CODE OF VIRGINIA

SECURITIES TO WHICH CHAPTER IS APPLICABLE (§ 56-57)

A. This chapter shall apply to every stock or stock certificate or other
evidence of interest or ownership, and, except as otherwise provided by §
56-65, every bond, note or other evidence of indebtedness, of a public service
company, which may be issued, and to every obligation or liability as guarantor,
endorser, surety or otherwise in respect of the securities of any other person,
firm, association or corporation, when such securities are payable at periods of
twelve months or more after the date thereof, which may be or may have been
assumed after March 24, 1934, notwithstanding the fact that any preparatory
steps, whether by the issuance or amendment of a certificate of incorporation,
or by the action of the board of directors, or the stockholders or otherwise,
may have been taken prior to such date.

B. Notwithstanding subsection A, this chapter shall not apply to any stock or
stock certificate or other evidence of interest or ownership, or any bond, note
or other evidence of indebtedness of a (i) public service company that operates
under an alternative form of regulation approved by the Commission pursuant to
§ 56-235.5, unless the Commission rescinds such exemption as hereafter
authorized, or (ii) competitive telephone company as defined in § 56-54.2,
provided such securities are issued for lawful purposes pursuant to § 56-58.
Any public service company exempt from this chapter shall instead provide notice
to the Commission of the issuance of any stock or stock certificate or other
evidence of interest or ownership, or, except as otherwise provided by §§
56-65 and 56-65.1, any bond, note or other evidence of indebtedness, within
ninety days of issuance. The Commission may rescind the exemption from this
chapter provided by this subsection to any public service company that operates
under an alternative form of regulation approved by the Commission pursuant to
§ 56-235.5 if the Commission finds, after notice and an opportunity for a
hearing, that such exemption is not in the public interest.

HISTORY: 1934, p. 225; Michie Code 1942, § 4073(11); 2001, c. 347; 2014, cc.
340, 376.