854 ARTICLE 23.

An. Code, sec. 466A. 1912, ch. 427.

415. Nothing whatsoever contained in sections 381 and 392 of this
article shall be taken or construed to deny to the said Public Service Com-
mission power or authority, which is hereby expressly granted: (a) To
approve the issuance of stocks, bonds, evidences of indebtedness or securi-
ties in connection with the organization of a new corporation by any pur-
chaser or purchasers of the franchises or property of any corporation
subject to the provisions of the Public Service Commission Law sold under
any judicial proceeding or mortgage or deed of trust to such an amount
and in such character as may appear to said Commission necessary, rea-
sonable, equitable or proper to fully protect the rights, interests and equi-
ties of the holders of stocks, bonds, evidences of indebtedness or other
securities of the corporation, whose franchises and property have been so
sold under any judicial proceeding or mortgage or deed of trust; and
(b) To permit the capitalization of the tangible and intangible property
and assets other than the franchise to be a corporation, of any corporation
either newly chartered or organized by any purchaser or purchasers of the
franchises and property of any corporation sold under judicial proceed-
ings, or mortgage, or deed of trust, in such amount or in such manner and
form as may be made to appear to said Commission reasonably necessary
or proper to enable such corporation to procure the necessary capital, ser-
vices or other requisites for constructing, equipping, developing, maintain-
ing and operating its property, works, plants, facilities and connections
for the establishment of its business as a going concern.

An. Code, sec. 467. 1910, ch. 180, sec. 53 (p. 391).

416. The provisions of this sub-title shall apply to services or. utilities
rendered by any of the corporations subject to the provisions of this sub-
title, or any of the same, within the State of Maryland, and nothing in
this sub-title contained shall be deemed or construed to apply to or operate
upon interstate or foreign commerce.
See sec. 360.

An. Code, sec. 468. 1910, ch. 180, sec. 54 (p. 391).

417. Each section of this sub-title and every part of each section are
hereby declared to be independent sections, and the holding of any section
or sections, or part or parts thereof, to be void, ineffective or unconstitu-
tional for any cause, shall not be deemed to affect any other section or
part thereof.

1910, ch. 180, sec. 55 (p. 391).

418. All Acts and parts of Acts conflicting or inconsistent with any
provision or provisions of this sub-title are hereby repealed so far as they
conflict or are inconsistent with any provision or provisions of this sub-
title.

See notes to secs. 304, 346 and 362.