Code of Virginia

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Code of Virginia
Title 56. Public Service Companies
Chapter 17. State Operation of Public Utilities
8/12/2022

§ 56-520. Collection and disposition of revenues accruing from utility.

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.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.