Virginia Code 13.1-572: Rules and forms
A. The Commission shall have authority from time to time to make, amend and rescind such rules and forms as may be necessary to carry out the provisions of this chapter, including, but not limited to rules and forms governing disclosure documents, applications and reports, escrow and deferral of franchise fees and other funds paid by the franchisee, and defining accounting, technical and trade terms used in this chapter not inconsistent with the provisions of this chapter. The Commission shall have the authority, for the purpose of this chapter to prescribe the content and form of financial statements and to direct whether they should be certified by independent public or certified accountants. For the purpose of rules and forms, the Commission may classify franchises, persons and matters within its jurisdiction and prescribe different requirements for different classes.
Terms Used In Virginia Code 13.1-572
- Commission: means the State Corporation Commission. See Virginia Code 13.1-559
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Franchise: means a written contract or agreement between two or more persons, by which:
1. See Virginia Code 13.1-559
- Franchisee: means a person to whom a franchise is granted or sold. See Virginia Code 13.1-559
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
B. All such rules and forms shall be printed or mimeographed and available for distribution at the office of the Commission.
1972, c. 561; 1978, c. 670; 2007, c. 668.