Code of Virginia § 56-67. Issuance of securities or assumption of liability void if order not obtained.

190 words·~1 min read·/va/title-56/chapter-3/56-67

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any stock, or stock certificate or other evidence of interest or ownership, and, except as otherwise provided by § 56-65 , any bond, note or other evidence of indebtedness, of a public service company, and every assumption of obligation or liability as a guarantor, endorser, surety or otherwise in respect to 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, shall be void if issued or assumed without an order of the Commission authorizing the same, or if issued or assumed contrary in any substantial respect to any term or condition of such order as issued, or as modified prior to such issuance or assumption; but no such issuance or assumption, if made in accordance in every substantial respect with all terms and conditions of such order as issued or as modified prior to such issuance or assumption, shall be rendered void because of failure to comply with any provision of this chapter relating to procedure or other matters preceding the entry of such order.

1934, p. 224; Michie Code 1942, § 4073(10).