Railroad corporations; prohibits foreign control without approval of State Corporation Commission. (SB719)
Introduced By
Sen. Toddy Puller (D-Mount Vernon)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Railroad corporations; foreign control. Prohibits a foreign person or group of persons from acquiring or attempting to acquire control of any railroad that is a public service corporation, or of any person controlling a railroad that is a public service corporation, without the approval of the State Corporation Commission. The Commission shall approve the application if it determines that, after the change in control, the railroad can reasonably be expected to discharge its public service responsibilities and that the change of control would not be inconsistent with the public interest served by the railroad. Amends § 56-345.1 (“Notice; consolidation, merger, abandonments, or discontinuances.”), of the Code of Virginia. View Full Text »
