{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/56-70.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/56-70.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/56-70.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/56-70.html"}],"law_id":370723,"edition_id":2,"section_id":370723,"structure_id":52780,"section_number":"56-70","catch_line":"Accounting for disposition of proceeds of issue of securities","history":"1934, p. 224; Michie Code 1942, \u00a7 4073(9).","full_text":"The Commission shall have the power to require public service companies to account for the disposition of the proceeds of all sales of stocks and stock certificates or other evidences of interest or ownership, and bonds, notes, and other evidences of indebtedness, in such form and detail as it may deem advisable, and to establish such rules and regulations as it may deem reasonable and necessary to insure the disposition of such proceeds for the purpose or purposes specified in its order.\n\n","order_by":null,"text":{"0":{"id":1383119,"text":"The Commission shall have the power to require public service companies to account for the disposition of the proceeds of all sales of stocks and stock certificates or other evidences of interest or ownership, and bonds, notes, and other evidences of indebtedness, in such form and detail as it may deem advisable, and to establish such rules and regulations as it may deem reasonable and necessary to insure the disposition of such proceeds for the purpose or purposes specified in its order.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52780,"edition_id":2,"name":"Issuance of Stocks, Bonds, Etc.","identifier":"3","label":"chapter","depth":2,"order_by":4,"parent_id":52702,"metadata":{"child_laws":24,"child_structures":0},"date_created":"2026-08-02 03:04:32","date_modified":"2026-08-02 12:35:35","permalink":{"id":1477985,"object_type":"structure","relational_id":52780,"identifier":"3","token":"56\/3","url":"\/56\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52702,"edition_id":2,"name":"Public Service Companies","identifier":"56","label":"title","depth":1,"order_by":121,"parent_id":null,"metadata":{"child_laws":710,"child_structures":93},"date_created":"2026-08-02 03:03:25","date_modified":"2026-08-02 12:35:34","permalink":{"id":1475475,"object_type":"structure","relational_id":52702,"identifier":"56","token":"56","url":"\/56\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370577,"structure_id":52780,"section_number":"56-55","catch_line":"Definitions","url":"\/56-55\/","token":"56\/3\/56-55","metadata":false},{"id":370587,"structure_id":52780,"section_number":"56-56","catch_line":"Issue of securities a special privilege subject to regulation","url":"\/56-56\/","token":"56\/3\/56-56","metadata":false},{"id":370588,"structure_id":52780,"section_number":"56-57","catch_line":"Securities to which chapter is applicable","url":"\/56-57\/","token":"56\/3\/56-57","metadata":false},{"id":370615,"structure_id":52780,"section_number":"56-58","catch_line":"Purposes for which stock, etc., may issue","url":"\/56-58\/","token":"56\/3\/56-58","metadata":false},{"id":370653,"structure_id":52780,"section_number":"56-59","catch_line":"Order required before acting as surety, guarantor, etc","url":"\/56-59\/","token":"56\/3\/56-59","metadata":false},{"id":370681,"structure_id":52780,"section_number":"56-60","catch_line":"Application for order authorizing issuance of securities or assumption of liabilities","url":"\/56-60\/","token":"56\/3\/56-60","metadata":false},{"id":370692,"structure_id":52780,"section_number":"56-61","catch_line":"Action of Commission on such application","url":"\/56-61\/","token":"56\/3\/56-61","metadata":false},{"id":370703,"structure_id":52780,"section_number":"56-62","catch_line":"Joint action with commission of another state","url":"\/56-62\/","token":"56\/3\/56-62","metadata":false},{"id":370712,"structure_id":52780,"section_number":"56-63","catch_line":"Appeal from decision of Commission on issuance of securities","url":"\/56-63\/","token":"56\/3\/56-63","metadata":false},{"id":370713,"structure_id":52780,"section_number":"56-64","catch_line":"Repealed","url":"\/56-64\/","token":"56\/3\/56-64","metadata":false},{"id":370716,"structure_id":52780,"section_number":"56-65","catch_line":"Exceptions as to issue of stock, etc., in treasury, etc","url":"\/56-65\/","token":"56\/3\/56-65","metadata":{"court_decisions":{"0":{"name":"Woodard v. Commonwealth","case_number":"130854","citation":null,"date":"2014-02-27","url":"https:\/\/www.courtlistener.com\/opinion\/2654946\/woodard-v-commonwealth\/","abstract":" .\u202f.\u202f. PRESENT:   All the Justices .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"1":{"name":"Chancelier Fazili v. Commonwealth of Virginia","case_number":"1379184","citation":null,"date":"2019-12-03","url":"https:\/\/www.courtlistener.com\/opinion\/4683399\/chancelier-fazili-v-commonwealth-of-virginia\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"},"2":{"name":" .\u202f.\u202f. T-Mobile Northeast LLC v. Fairfax County Board of .\u202f.\u202f. ","case_number":"3:10-cv-00117","citation":"759 F. Supp. 2d 756","date":"2010-12-17","url":"https:\/\/www.courtlistener.com\/opinion\/2478060\/t-mobile-northeast-llc-v-fairfax-county-board-of-supervisors\/","abstract":" .\u202f.\u202f. 759 F.Supp.2d 756 (2010) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"},"3":{"name":"Smith v. Porter","case_number":"Civil Action 2:09cv188","citation":"416 B.R. 264","date":"2009-07-15","url":"https:\/\/www.courtlistener.com\/opinion\/1879003\/smith-v-porter\/","abstract":" .\u202f.\u202f. 416 B.R. 264 (2009) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"},"4":{"name":" .\u202f.\u202f. United States v. William T. Ellis, United States of America .\u202f.\u202f. ","case_number":"90-5726, 91-5771","citation":"951 F.2d 580","date":"1992-01-07","url":"https:\/\/www.courtlistener.com\/opinion\/573897\/united-states-v-william-t-ellis-united-states-of-america-v-william-t\/","abstract":" .\u202f.\u202f. *582 .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"5":{"name":"Bethune-Hill v. Va. State Bd. of Elections","case_number":"Civil Action No. 3:14cv852","citation":"326 F. Supp. 3d 128","date":"2018-06-26","url":"https:\/\/www.courtlistener.com\/opinion\/7331620\/bethune-hill-v-va-state-bd-of-elections\/","abstract":" .\u202f.\u202f. BARBARA MILANO KEENAN, Circuit Judge: .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"},"6":{"name":"Sheek v. City of Newport News","case_number":"Record 8167","citation":"214 Va. 288","date":"1973-10-08","url":"https:\/\/www.courtlistener.com\/opinion\/1419381\/sheek-v-city-of-newport-news\/","abstract":" .\u202f.\u202f. Poff, J., .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"7":{"name":"United States v. John Allen Gearhart","case_number":"8870","citation":"326 F.2d 412","date":"1964-01-09","url":"https:\/\/www.courtlistener.com\/opinion\/262852\/united-states-v-john-allen-gearhart\/","abstract":" .\u202f.\u202f. SOBELOFF, Chief Judge: .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"8":{"name":"Doan v. Commonwealth","case_number":"Record No. 0280-91-4","citation":"422 S.E.2d 398","date":"1992-09-15","url":"https:\/\/www.courtlistener.com\/opinion\/1325637\/doan-v-commonwealth\/","abstract":" .\u202f.\u202f. 422 S.E.2d 398 (1992) .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"},"9":{"name":"United States v. McHan","case_number":"94-5464","citation":null,"date":"1996-12-04","url":"https:\/\/www.courtlistener.com\/opinion\/2966543\/united-states-v-mchan\/","abstract":" .\u202f.\u202f. PUBLISHED .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"}}}},{"id":370714,"structure_id":52780,"section_number":"56-65.1","catch_line":"Short-term indebtedness","url":"\/56-65.1\/","token":"56\/3\/56-65.1","metadata":false},{"id":370715,"structure_id":52780,"section_number":"56-65.2","catch_line":"Repealed","url":"\/56-65.2\/","token":"56\/3\/56-65.2","metadata":false},{"id":370717,"structure_id":52780,"section_number":"56-66","catch_line":"No authority to capitalize permit, franchise or contract for consolidation","url":"\/56-66\/","token":"56\/3\/56-66","metadata":false},{"id":370719,"structure_id":52780,"section_number":"56-67","catch_line":"Issuance of securities or assumption of liability void if order not obtained","url":"\/56-67\/","token":"56\/3\/56-67","metadata":false},{"id":370718,"structure_id":52780,"section_number":"56-67.1","catch_line":"Validity of authorized securities","url":"\/56-67.1\/","token":"56\/3\/56-67.1","metadata":false},{"id":370720,"structure_id":52780,"section_number":"56-68","catch_line":"No licensed salesman required when securities approved under this chapter","url":"\/56-68\/","token":"56\/3\/56-68","metadata":false},{"id":370721,"structure_id":52780,"section_number":"56-69","catch_line":"Purposes to which proceeds of security issues may be applied","url":"\/56-69\/","token":"56\/3\/56-69","metadata":false},{"id":370723,"structure_id":52780,"section_number":"56-70","catch_line":"Accounting for disposition of proceeds of issue of securities","url":"\/56-70\/","token":"56\/3\/56-70","metadata":false},{"id":370724,"structure_id":52780,"section_number":"56-71","catch_line":"Violations of provisions of chapter; 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Michie Code 1942, \u00a7 4073(9).","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}