J. MILLARD TAWES, GOVERNOR                            913

(e)  Any carrier which operates both inside and outside of the
metropolitan area and which has its principal office outside of the
metropolitan area, may keep all of its accounts, records, and mem-
oranda at such principal office but shall produce such accounts, rec-
ords, and memoranda before the Commission whenever the Com-
mission shall so direct.

(f)  Nothing in this section shall relieve any carrier from the
obligations imposed upon it with respect to the matters covered in
this section by any state or Federal regulatory commission in con-
nection with transportation service rendered outside the Metro-
politan District.

Issuance of Securities.

294. (a) As used in this section the term "securities" means
stocks; stock certificates; or bonds, mortgages, other evidences of
indebtedness payable in more than one year from date of issuance,
except obligations covered by conditional sales contracts, or any
guaranty of or assumption of liability on any of the foregoing.

(b)  Subject to subsection (g) of this section, no carrier subject
to this sub-title shall issue any securities, or directly or indirectly re-
ceive any money, property, or services in payment of securities
issued or to be issued by it, until the Commission, by order, shall
have approved the issuance of such securities.

(c)  Upon application made to it by any such carrier for approval
of the issuance of securities, the Commission, after affording rea-
sonable opportunity for hearing to interested parties, shall by order
approve or disapprove the issuance of such securities. The Com-
mission shall give its approval if it finds that the proposed issuance
of securities is not contrary to the public interest.

(d)  Any such order of the Commission approving the issuance
of securities shall specify the purposes for which the proceeds from
the sale or other disposition thereof are to be used and the terms
and conditions under which such securities shall be issued and dis-
posed of. It shall be unlawful for the applicant to apply such pro-
ceeds, or to issue or dispose of such securities, in any manner other
than as specified by the Commission in its order.

(e)  Any securities issued in violation of this section shall be void.

(f)  Nothing in this sub-title shall impair any authority of the
Interstate Commerce Commission, the Public Service Commission
of Maryland, or the State Corporation Commission of Virginia to
regulate the issuance of securities by any carrier which does not
operate exclusively in the Metropolitan District, or relieve any car-
rier from the obligations imposed by the Securities Act of 1933, as
amended (Act of May 27, 1933, C. 38 Title I, 48 Stat. 74, as
amended), or from the obligations imposed by any Blue Sky or
similar laws of the signatories.

(g)   The Commission may by regulation, order or otherwise, to
the extent deemed by it to be consistent with the public interest,
exempt from the operation of this section any carrier which does
not operate exclusively in such area and which, before issuing
securities, must obtain the approval of the Interstate Commerce