290 ARTICLE 23.

shall any contract or agreement with reference to or affecting any such
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.

No railroad or street railroad corporation, or other common carrier,
domestic or foreign, shall hereafter purchase or acquire, take or hold, any
part of the capital stock of any railroad corporation or street railroad cor-
poration, 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 collat-
eral security only with the consent of the Commission, no stock corporation
of any description, domestic or foreign, other than a railroad corporation,
or street railroad corporation, or other common carrier, 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 construed to prevent the
holding of stock heretofore lawfully acquired. Every contract, assignment,
transfer or agreement for transfer or¹ 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 effective for any purpose.

Even if this section when read in connection with secs. 347, 390 and 398 re-
quires record of specific finding of facts upon which order is founded, opinion
of commission made part of order, is substantial compliance. Pub. Serv.
Commn, v. Byron, 153 Md. 479 (decided prior to act 1929, ch. 448).

This section referred to in holding that Northern Central Railway Company
might issue securities with approval of Interstate Commerce Commission, as
authorized by sec. 20A of Transportation Act, 1920, without securing approval
of Public Service Commission of Maryland. Pub. Serv. Commn, v. N. C. Rwy.
Co., 146 Md. 583 (decided prior to act 1929, ch. 448).

This section enables commission to prevent harmful competition. See notes to
art. 56, sec. 259. Rutledge Assn. v. Baughman, 153 Md. 303.
See notes to secs. 337, 373, 390 and 398. See sec. 380A.

This section referred to in construing art. 56, secs. 251-257A. Pub. Serv.
Commn, v. Williams, 167 Md. 330
See notes to sec. 373.

An. Code, 1924, sec. 3SO. 1914, ch. 445, sec. 26%. 1927, ch. 473, sec. 380.

380. No common carrier, railroad corporation or street railroad cor-
poration shall abandon or discontinue in whole or in part, the exercise of
any franchise or right, under any provision of the railroad law, or any
other law, in so far as it is then actually being exercised for the public

¹ Evidently a typographical error.