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ART. XXIII] RAILROAD COMPANIES. 155
hibited without the special consent of the General Assembly being first
obtained therefor.
See notes to this section in volume 1 of the Annotated Code.
284.
A lease under this section referred to in construing the public service
commission law; see notes to section 413. Public Service Comm. v. P., B.
& W. R. R. Co., 122 Md. 442.
1916, ch. 235.
28,4A. It shall be lawful for any railroad company, incorporated
under the laws of this State, or of any other State of the United. States,
owning a railroad in this State, connecting with that of any other rail-
road company of this State, or of any other State of the United States,
in this State, and owning at least two-thirds of the capital stock of the
latter, to acquire, in the manner hereinafter provided, and thereafter to
be possessed of, own, hold, exercise and enjoy, all the property, real
and personal, and all the rights, privileges and franchises and credits
then possessed, owned, held or exercised by said last-mentioned vendor
corporation; and such acquisition shall be effected in the manner and
upon the conditions hereinafter stated, to wit:
First. The corporations shall, pursuant to resolution duly adopted
by the directors of each, make and execute, under their respective cor-
porate seals, duly attested, an agreement providing for such acquisition
and sale, specifying all essential details, terms, stipulations and condi-
tions thereof, and particularly showing the number of outstanding shares
of capital stock of the vendor corporation, the amount fixed as the price
or value per share thereof, and the mode by which the respective holders
shall receive payment for the same, and with a map of the railroad to
be acquired thereunder, annexed to and made part thereof.
Second. Said agreement, after due notice is given all directors of
such corporation, shall be submitted for approval or disapproval to the
stockholders of each corporation at separate meetings, either annual or
special, duly convened, and if said agreement shall be approved by a
majority of the stockholders of each corporation present at such meet-
ing, then that fact shall be certified by the secretary of each corpora-
tion under its corporate seal, and a copy of the agreement, with said
certificates attached, shall be filed with an application drawn in accord-
ance with Rule 10 of the present Rules of Practice and Procedure of
the Public Service Commission of Maryland, with the Public Service
Commission of Maryland, for their approval; and upon the approval
thereof by the Public Service Commission of Maryland, a copy of the
agreement, with a certified copy of the order of Public Service Com-
mission of Maryland approving the same, shall be filed in the office of
the Secretary of State of this State; and immediately upon the filing
thereof all the property, real and personal and mixed, and all the cor-
porate rights, privileges and franchises and credits, owned, possessed,
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