Virginia § 56-66 - No authority to capitalize permit, franchise or contract for consolidation
Full text of Virginia Code of Virginia § 56-66 — No authority to capitalize permit, franchise or contract for consolidation, with citation guidance and answers to common questions.
§ 56-66. No authority to capitalize permit, franchise or contract for consolidation
The Commission shall have no power to authorize the capitalization of any franchise or permit whatsoever or the right to own, operate or enjoy any such franchise or permit, in excess of the amount (exclusive of any tax or annual charge) actually paid to the Commonwealth or to a political subdivision thereof as the consideration for the grant of such franchise, permit or right. No contract for consolidation shall be capitalized, and no public service company hereafter shall issue any bonds, notes or other evidences of indebtedness against or as a lien upon any contract for consolidation or merger.
1934, p. 224; Michie Code 1942, § 4073(8); 1987, c. 204.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 56-66
What does Code of Virginia § 56-66 cover?
Section 56-66 ("No authority to capitalize permit, franchise or contract for consolidation") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 56-66?
A common citation format is "Code of Virginia § 56-66" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 56-66 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.