§ 62.1-96 — Transfer or assignment of license

Virginia § 62.1-96

• Jurisdiction: Virginia
• Title 62.1: WATERS OF THE STATE, PORTS AND HARBORS
• Ch. 7: WATER-POWER DEVELOPMENT, CONSERVATION OF HYDROELECTRIC POWER DAMS AND WORKS

Text

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.

Legislative History

Code 1950, § 62-85; 1968, c. 659.