SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2010 SESSION
10104088DBe it enacted by the General Assembly of Virginia:
1. That § 56-88.1 of the Code of Virginia is amended and reenacted as follows:
§ 56-88.1. Acquisition or disposition of control of a public utility.
No person, whether acting alone or in concert with others,
shall, directly or indirectly, acquire or dispose of control of (i) a public
utility within the meaning of this chapter or
all of the assets thereof or (ii) a telephone company, or all of the assets thereof in whole or in part, without
the prior approval of the Commission. Any person proposing an acquisition or
disposition for which Commission approval is required by this section shall
seek such approval pursuant to the procedure of § 56-90. The Commission shall,
after the filing of a completed application, approve or disapprove the
requested acquisition or disposition within sixty
60 days.
The sixty-day 60-day
period may be extended by Commission order for a period not
to exceed an additional 120 days. The application shall be deemed approved if
the Commission fails to act within sixty 60 days or any extended period
ordered by the Commission.
Any such acquisition or disposition of control without prior approval shall be voidable by the Commission. In addition, the Commission is authorized to revoke any certificate of public convenience and necessity it has issued, order compliance with this chapter, or take such other action as may be appropriate within the authority of the Commission.
For purposes of this section, "control" means (i)
the acquisition of twenty-five 25 percent or more of the
voting stock or (ii) the actual exercise of any substantial influence over the
policies and actions of any public utility or telephone company.
This section shall not apply to any company engaged in the business of generating electricity whose rates and services are not regulated by the State Corporation Commission.