ART. 23] COMMON CARRIERS. 739

invalid franchise, or to enlarge or add to the powers and privileges
contained in the grant of any franchise or to waive any forfeiture.

No railroad or street railroad corporation, domestic or foreign, shall
hereafter purchase or acquire, take or hold, any part of the capital
stock of any railroad corporation or street railroad corporation, or
other common carrier organized or existing under or by virtue of the
laws of this State, unless authorized so to do by the commission, and
save where stock shall be transferred or held for the purpose of collateral
security only with the consent of the commission, no stock corporation
of any description, domestic or foreign, other than a railroad corpora-
tin, or street railroad corporation, shall purchase or acquire, take or
hold, more than ten per centum of the total capital stock issued by
any railroad corporation, or street railroad corporation, or other com-
mon carrier organized or existing under or by virtue of the laws of
this State. Nothing herein contained shall be construed to prevent
the holding of stock heretofore lawfully acquired. Every contract,
assignment, transfer or agreement for transfer of any stock by or
through any person or corporation to any corporation, in violation of
any provision of this sub-title, shall be void and of no effect, and no
such transfer or assignment shall be made upon the books of any
such railroad corporation or street railroad corporation, or shall be
recognized as effective for any purpose.

1910, ch. 180, sec. 27 (p. 369).

439. A common carrier, railroad corporation, street railroad corpo-
ration, or other corporation subject to the provisions of this sub-title,
organized or existing, or hereafter incorporated, under or by virtue
of the laws of the State of Maryland, may issue stocks, bonds, notes
or other evidence of indebtedness, payable at periods of more than
twelve months after the date thereof, when necessary for the acquisi-
tion of property, the construction, completion, extension or improve-
ment of its facilities, or for the improvement or maintenance, extension
or improvement of its facilities, or for the improvement or maintenance
of its service, or the discharge or lawful refunding of its obligations;
provided, and not otherwise, that there shall have been secured from
the commission an order authorizing such issue, and the amount
thereof, and stating that, in the opinion of the commission, the use of
the capital to be secured by the issue of such stocks, bonds or other
evidence of indebtedness is reasonably required for the said purpose
of the common carrier, railroad corporation, street railroad corpora-
tion, or such corporations, but this provision shall not apply to any
lawful issue of stock, to the lawful execution and delivery of any
mortgage, or to the lawful issue of bonds thereunder, before the time
when this sub-title becomes a law. For the purpose of enabling it to
determine whether it should issue such an order the commission shall
make such inquiry or investigation, hold such hearings, and examine
such witnesses, books, papers, documents or contracts as it may deem