ART. 23] GAS AND ELECTRIC COMPANIES. 749

formed by the merger or consolidation of two or more other corpora-
tions, exceed the sum of the capital stock of the corporations so con-
solidated, at par value thereof, or such sum and any additional sum
actually paid in cash, nor shall any contract of consolidation or lease
be capitalized in the stock of any corporation whatever, nor shall any
corporation hereafter issue any bond's against a lien upon any contract
for consolidation or merger.

1910, ch. 180, sec. 35 (p. 381).

449. No gas corporation or electrical corporation shall transfer or
lease its franchise, works or system, or any part of such franchise,
works or system to any other person or corporation or contract for the
operation of its works and system, without the written consent of the
commission. The permission and approval of the commission to the
exercise of a franchise under this sub-title, or to the assignment, trans-
fer or lease of a franchise under this section shall not be construed to
revive or validate any lapsed or 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 such corporation shall directly or indi-
rectly acquire the stock or bonds of any other corporation incorporated
for or engaged in, the same or similar business, or proposing to operate
or operating under a franchise from the same or any other municipality,
unless authorized to do so by the commission. 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 gas or electrical corporation, shall
purchase or acquire, take or hold, more than ten per centum of the total
capital stock issued by any gas corporation or electrical corporation
organized or existing under and 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, trans-
fer, 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 assign-
ment shall be made upon the books of any such gas corporation or
electrical corporation, or shall be recognized as effective for any purpose.

1910, ch. 180, sec. 36 (p. 381).

450. Upon the complaint in writing of the mayor or chief executive
official, or officials, of a municipality or county in which a person
or corporation is authorized to manufacture, sell or supply gas or elec-
tricity for heat, light or power, or upon the complaint in writing of not
less than one hundred customers or purchasers of such gas or elec-
tricity either as to the illuminating power, purity, pressure or price of
gas or the initial efficiency of the electric incandescent lamp supply,
or the regulation of the voltage of the supply system used for incandes-
cent lighting, or price of electricity sold and delivered in such munic-
ipality or county, the commission shall investigate as to the cause for