ART. 23] . PUBLIC SERVICE COMMISSION. . 271

1914, ch. 445, sec. 34%.

448A. Subject in every respect to the authority and supervision
conferred upon the Commission by the next preceding Section, a gas
corporation or electrical corporation 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 evidences of indebtedness, pay-
able at periods of more than twelve months after the date thereof, when
necessary for the capitalization of its earnings expended prior to the
first day of April, nineteen hundred and fourteen, in the acquisition
of property, the construction, completion, extension, maintenance or
improvement of its facilities; provided that the applicant shall have
kept its accounts and vouchers in such manner as will enable the Com-
mission- to ascertain the amount so expended and the purposes for
which such expenditures were made, and that application for the
order of the Commission authorizing such issue shall be made on or
before the first day of April, nineteen hundred and fifteen; and pro-
vided further, that the legal validity and effectiveness of any order of
the Commission made prior to January first, nineteen hundred and
lourteen, authorizing and approving an issue of stock for the capitaliza-
tion of earnings expended in the acquisition of property, or in the
improvements, maintenance or extension of facilities, shall not be in
anywise affected, restricted or impaired by anything contained in this
Act.

453.

See notes to sections 368 and 413.

457.

In view of this section and section 459, the Public Service Commission
Law is not open to the objection that it allows no appeal to the courts.
Delay in objecting to order. See notes to sections 368 and 413. Gregg v.
Public Service Commission, 121 Md. 32.

1914, ch. 445, sec. 44 1/2.

458A. Before the trial of such action a transcript duly certified
by the Secretary of the Commission of all the papers and proceedings,
including evidence, in the case before the Commission except such
as are omitted by the stipulation in writing of the parties to such
action, shall be filed by the Commission in such action and shall be
evidence in like manner as the originals transcribed.

459.

See notes to sections 368, 413 and 457.

1912, ch. 427.

466A. Nothing whatsoever contained in sections 439 and 448
of this article shall be taken or construed to deny to the said
Public Service Commission power or authority, which, is here-
by expressly granted: (a) To approve the issuance of stocks,