The Resource Agency history of the Virginia State Corporation Commission
- Agency history of the Virginia State Corporation Commission
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- The State Corporation Commission was created by the state constitution adopted in 1902, to replace the Board of Public Works. It is independent of the executive, legislative, and judicial branches of government, but holds many of their powers, including the authority to issue and revoke corporation charters, to set the rates to be charged by public utilities, and generally to regulate the activities of corporations conducting business in Virginia.
- An independent Department of Corporations was created by the General Assembly on April 18, 1927, and the Commission was placed within it. The Commission is made up of three members elected by joint vote of both Houses of the General Assembly. The chairman is elected by the members. Specific purpose, powers and duties are: charter and supervise domestic corporations and license foreign corporations; further regulate rates, charges, and services of railroads, telephone, gas and electric companies. Regulatory duties extend to aviation, telegraph, water and sewer companies, to those banks, savings and loan associations, industrial loan associations, credit unions and small loan associations, industrial loan associations, credit unions and small loan companies which it licenses; supervise and license insurance companies and enforce motor carrier laws; collect State's gross receipts, road taxes and motor fuel road taxes, and assess for local taxation real and personal property of all public service companies; and administer laws governing securities and retail franchising.
- The Commission consists of a Bureau of Insurance, Bureau of Financial Institutions, Division of Securities & Retail Franchising, Office of the Clerk, Division of Communications, Division of Energy Regulation, Division of Economics & Finance, Division of Utility & Railroad Safety, Division of Public Service Taxation, & Division of Public Utility Accounting.
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