No voluntary transfer or assignment of any license granted under this chapter shall be made to any transferee or assignee unless he be financially able to carry out the project or development, nor shall any such voluntary transfer or assignment be valid or of any effect whatsoever unless the same shall be in writing and a copy thereof be filed with, and approved by, the Commission, provided that any mortgage or trust deed, or foreclosure under any mortgage or deed of trust, or any judicial or tax sale, merger or consolidation, or any sale of the greater part of the property of the licensee in the Commonwealth, shall not be deemed a voluntary transfer within the meaning of this chapter. Any successor or assignee of the rights of the licensee, whether by voluntary transfer, judicial sale, foreclosure sale or otherwise, shall be subject to all of the obligations, liabilities and conditions incident to such license to the same extent as though such successor or assignee were the original licensee.
Code 1950, § 62-85; 1968, c. 659.
Structure Code of Virginia
Title 62.1 - Waters of the State, Ports and Harbors
Chapter 7 - Water-Power Development, Conservation of Hydroelectric Power Dams and Works
§ 62.1-80. Declaration of public policy
§ 62.1-80.1. Applicability of chapter
§ 62.1-81. "Waters of the Commonwealth" defined
§ 62.1-83. Dams across waters of Commonwealth
§ 62.1-84. What "dam" includes
§ 62.1-85. License required to construct dam; application
§ 62.1-86. Notice of hearing on application
§ 62.1-87. Proceedings at hearing
§ 62.1-88. Determination and investigation by Commission
§ 62.1-89. When license granted
§ 62.1-90. Rejection of application; requiring applicant to modify plans
§ 62.1-92. Priority of location or appropriation; notice to owners of existing developments
§ 62.1-93. Time limits on construction of proposed dam and works
§ 62.1-94. Duration of licenses; acquisition of developments by Commonwealth
§ 62.1-96. Transfer or assignment of license
§ 62.1-97. Proceedings on violation of terms of license or of provisions of chapter or regulations
§ 62.1-98. Right of eminent domain of public service corporations
§ 62.1-99. Water-power developments constructed or acquired prior to certain date
§ 62.1-100. Rules of Commission; reports; employment of experts, etc.
§ 62.1-101. Licenses not affected by alteration, amendment or repeal of chapter