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1996 SESSION

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HB 589 Corporations; general powers and special kinds of business.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Corporations; general powers. Authorizes public service companies to enter into joint ventures or similar business associations subject to the following limitations: (i) the ventures must encompass activities in which public service companies could independently engage, (ii) public service company equity and debt with recourse in any single venture may not exceed one percent of equity, and (iii) total public service company equity and debt with recourse in all such joint ventures or associations may not exceed five percent of net equity. All such ventures are subject to approval by the Virginia State Corporation Commission.


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