842 ARTICLE 23.

An. Code, sec. 447A. 1914, ch. 445, sec. 33i. 1924, ch. 542.

391. No gas corporation or electrical corporation or other person or
corporation subject to the provisions of this sub-title, shall abandon or
discontinue in whole or in part the exercise of any right or privilege under
any franchise granted to it in this state, in so far as such right or privilege
is then actually being exercised for the public service, without first hav-
ing obtained the permission and approval of the Commission, after due
hearing and the determination by the Commission that the present or
future public convenience and necessity permit of such abandonment or
discontinuance of the exercise of such franchise or right. No such person
or corporation shall exercise any right or privilege under any franchise in
this State, the exercise of which for the public service shall have been sus-
pended for more than one year, without first having obtained the permis-
sion and approval of the Commission; and no gas corporation or electrical
corporation, or other person or corporation subject to the provisions of this
sub-title, which prior to January 1, 1924, has for five consecutive years
failed to file, or has never filed, any annual report with the Commission,
pursuant to Section 388 of this Article, shall begin any new construction,
or exercise any right or privilege under any franchise in this State, except
insofar as such right or privilege is now actually being exercised, without
first having obtained the permission and approval of the Commission.

An. Code, sec. 448. 1910, ch. 180, sec. 34 (p. 380). 1918, ch. 408, sec. 34.
1920, ch. 474, sec. 448.

392. 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
payable at periods of more than twelve months after the date thereof, when
necessary for the acquisition of property, the construction, completion,
extension or improvement of its plant or distributing system, or for the
improvement or maintenance of its service, or for the discharge or lawful
refunding of its obligations, or for the -reimbursement of moneys actually
expended from income, or from any other moneys in the treasury of the
corporation not secured by or obtained from the issue of stocks, bonds,
notes or other evidence of indebtedness of such corporation, within five
years next prior to the filing of an application with the Commission for the
required authorization for any of the aforesaid purposes, except mainte-
nance of sendee and except replacements, in cases where the applicant shall
have kept its accounts and vouchers of such expenditures in such manner
as to enable the Commission to ascertain the amount of moneys so expended
and the purposes for which such expenditure was made, or when necessary
or desirable, in the discretion of the Commission, to cause the aggregate
capitalization to conform to the fair value of the property of such corpora-
tion as established by the Commission pursuant to the provisions of Section
385; 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 stock, bonds, notes or other evi-