2006 Code of Virginia § 56-80 - Continuing supervisory control over terms and conditions of contracts

56-80. Continuing supervisory control over terms and conditions ofcontracts.

The Commission shall have continuing supervisory control over the terms andconditions of such contracts and arrangements as are herein described so faras necessary to protect and promote the public interest. The Commission shallhave the same jurisdiction over the modification or amendment of contracts orarrangements herein described as it has over such original contracts orarrangements. The fact that the Commission shall have approved entry into anysuch contract or arrangement shall not preclude disallowance or disapprovalof payments made pursuant thereto in the future, if upon actual experienceunder such contract or arrangement, it appears that the payments providedfor, or made, were, or are, unreasonable. Every order of the Commissionapproving any such contract or arrangement shall be expressly conditionedupon the reserved power of the Commission to revise and amend the terms andconditions thereof, if, when and as necessary to protect and promote thepublic interest.

(1934, p. 745; Michie Code 1942, 3774f.)