The Governor may provide in such manner as he deems appropriate for the collection of the gross revenues accruing from the utility during the time of its operation by the Commonwealth. After payment of proper operating expenses and reimbursement of the Commonwealth for all expenses incurred in preparing to operate same and making allowances of the additional items as provided in § 56-523 in defining net income, eighty-five per centum of the net income shall be paid to the utility as compensation for the temporary use of its business, facilities and properties. The amount of money so paid shall in nowise control the amount of just compensation to be allowed the utility. In the event of disagreement as to the amount of payments under this section, either party may, by appropriate petition, submit the matter to the State Corporation Commission with the right of appeal from its decision to the Supreme Court.
1952, c. 696.
Structure Code of Virginia
Title 56 - Public Service Companies
Chapter 17 - State Operation of Public Utilities
§ 56-509. Uninterrupted functioning and operation of essential public utilities
§ 56-510. Duty of Governor when there is threat of curtailment, interruption, etc., of operation
§ 56-511. Power of Governor to possess and operate utility
§ 56-512. Employment of utility employees by Commonwealth; information to be furnished
§ 56-513. Replacement of utility employees unwilling to work for Commonwealth
§ 56-515. Entry upon property of utility after proclamation of intention to take possession
§ 56-516. When possession of utility to be delivered; procedure upon refusal of possession
§ 56-517. Interference with or obstruction of Governor, state representative or agent
§ 56-518. Expense of operation, etc.; payment of revenues, etc., into state treasury
§ 56-520. Collection and disposition of revenues accruing from utility
§ 56-521. Restoring possession to utility
§ 56-522. Compensation to utility
§ 56-525. Injunction against violation of chapter
§ 56-526. Duty of Commonwealth's attorneys and Attorney General; employment of special counsel
§ 56-527. Chapter not applicable to certain carriers
§ 56-528. Governor's powers as commander in chief not impaired