830 ARTICLE 23.

franchise or right be valid or of any force or effect whatsoever, unless the
assignment, transfer, lease, contract or agreement shall have been approved
by the commission. The permission and approval of the commission to
the exercise of a franchise under this section, or to the assignment, transfer
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.

Np 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 Avith the
consent of the commission, no stock corporation of any description, domes-
tic or foreign, other than a railroad corporation, or street railroad corpora-
tion, 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 common carrier organized or existing under or by
virtue of the laws of this State. Nothing herein contained shall be con-
strued 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 effec-
tive for any purpose.

Meaning of phrase " is necessary or convenient for the public service." The only
safe criterion is the ability of the road from its earnings to meet its operating ex-
penses and fixed charges, to say nothing of a return to stockholders. Physical
deterioration of the road. See notes to sec. 380. Benson v. Public Service Commis-
sion, 141 Md. 400.

It is for the court and not for a jury to determine whether it is necessary to con-
demn particular property except in so far as public service 'commission may pass
on that question under this section; there may, however, be cases in which certain
questions of fact in connection with the subject should be submitted to a jury. A
year after the commission has passed an order authorizing construction and opera-
tion of a railroad, it may not by suspending that order stop condemnation pro-
ceedings actually pending; order of commission held not intended to interfere with
such proceedings. The commission has the power, subject to a review by the courts,
under this section to determine whether a railroad shall cross a public highway at,
above or under grade. It is better to secure approval of commission under this
section before the court passes an order authorizing condemnation, and it should
at least be inquired into before appraisers are appointed under act of 1912, ch. 117—
see art. 33A. Hyattsville v. W., W. & G. R. R. Co., 122 Md. 671. And see Hyatts-
ville v. W., W. & G. R. R. Co., 124 Md. 578.

This section is very broad and it is necessary to obtain the approval of the com-
mission in order to exercise the right given by sec. 243, the action of the commission
being subject to the provisions of sec. 359 (see secs. 404 and 405). City & Sub. R. R.
Co. v. W., W. & G. R. R. Co., 122 Md. 656.

This section referred to in construing act of 1912, ch. 117—see notes to art. 33A,
sec. 1. Hyattsville v. W., W. & G. R. R. Co., 124 Md. 578.