The corporation created by or in consequence of such sale and conveyance shall succeed to all such franchises, rights, and privileges, and perform all such duties as would have been had or should have been performed by the first company but for such sale and conveyance, including in the case of a railroad corporation the duty of maintaining and operating any branch or lateral road which may have been constructed and operated before the sale, and of transporting freight and passengers thereon; save only, that the corporation so created shall not be entitled to the debts due to the first company, and shall not be liable for any debts of, or claims against, the first company, which may not be expressly assumed in the contract of purchase, and that the whole profits of the business to be done by such corporation shall belong to the purchaser or his assigns. The interest in the corporation of the purchaser or his assigns shall be personal estate, and he or his assigns may create so many shares of stock therein as he or they may think proper, not exceeding together the amount of stock in the first company at the time of the sale, except in pursuance of an amendment to the charter obtained according to law; and such purchaser or his assigns may assign such shares in a book to be kept for that purpose. Such shares shall thereupon be on the footing of shares in corporations generally, except only that the first meeting of the stockholders shall be held on such day and at such place as shall be fixed by the purchaser, of which notice shall be published for two successive weeks in a newspaper.
Code 1919, § 3896.
Structure Code of Virginia
Title 56 - Public Service Companies
Chapter 1 - General Provisions
§ 56-1.1. Designation as public service corporation
§ 56-1.3. Regulation of Voice-over-Internet protocol service
§ 56-2. Public service corporations, etc., governed by provisions of this title
§ 56-3. Expenses prior to organization
§ 56-5. Triple damages for injury to property of public service corporation
§ 56-6. Remedies of persons aggrieved by public service corporation's violation of law
§ 56-7. Common law, etc., remedies not altered or abridged
§ 56-8.1. Free services to members of General Assembly and others prohibited
§ 56-8.2. Appeals in rate cases
§ 56-10. Effect of such sale; date for meeting of stockholders
§ 56-11. Debts and claims against corporation so sold
§ 56-13. Effect of dissolution of public service corporation
§ 56-14. Streets, etc., of city or town not to be occupied without its consent; compensation
§ 56-16. Wagonways to be constructed across roads, railroads, canals, and other works; enforcement
§ 56-16.1. Telephone, telegraph or electric power lines crossing railroads
§ 56-16.2. Public utility lines crossing railroads
§ 56-17. Right of one public service corporation to cross the works of another; cost
§ 56-18. Submission of plans for such crossing
§ 56-19. Contest by company whose works are crossed
§ 56-20. Payment for damage occasioned by crossing works of public service corporations
§ 56-22. Change of course of railroad, etc., to avoid crossings
§ 56-23. Crossing of highway by public service corporation
§ 56-24. Effect of crossing on highway
§ 56-25. Manner of construction of crossing
§ 56-27. Applications required for crossings
§ 56-28. Contest by county or Commissioner of Highways
§ 56-29. Change of course of highway to avoid crossings
§ 56-30. Payment of damages occasioned by crossing highway
§ 56-31. When work of crossing highway to proceed
§ 56-33. Duty of corporation whose wires cross other works
§ 56-34. General Assembly may require connections between public service corporations
§ 56-35. Regulation of public service companies
§ 56-37. Regulation of services performed under municipal or county franchise
§ 56-38. Adjustment of claims and controversies
§ 56-40. Reduction of rates and charges
§ 56-43. Examination of public service company; notice; fines and penalties