988 ARTICLE 23

premises any apparatus and appliances and occupy reasonable space there-
for for the purpose of said examinations, inspections and tests.

An. Code, 1924, sec. 413. 1912, sec. 465. 1910, ch. 180, sec. 51 (p. 391).

424. It shall be the duty of the state auditor to make biennial examina-
tions and audits, comprehensive and thorough in character, of all the re-
ceipts, expenditures, costs, expenses and pecuniary or fiscal affairs or
concerns of the said public service commission, to render and furnish to
the governor, the comptroller and the treasurer, respectively, a full and
detailed report of each of said biennial examinations and audits, the first
of said biennial reports to be delivered to said officials, respectively, upon
the first day of January, and the second of said reports to be delivered to
said officials upon the first day of July of each and every year ensuing
the passage of this act.

An. Code, 1924, sec. 414. 1912, sec. 466. 1910, ch. 180, sec. 52 (p. 391).

425. The public service commission hereby created shall have, in addi-
tion to the powers herein specified, mentioned or indicated, all additional,
implied and incidental powers, which may be proper and necessary to
effectually carry out, perform and execute all the said powers herein speci-
fied, mentioned or indicated.

See notes to sec. 346.

An. Code, 1924, sec. 415. 1912, sec. 466A. 1912, ch. 427.

426. Nothing whatsoever contained in sections 391 and 403 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 sub-
ject 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, 1924, sec. 416. 1912, sec. 467. 1910, ch. 180, sec. 53 (p. 391). 1929, ch. 467.

427. The provisions of this sub-title shall apply to services or utilities
rendered by any of the corporations or persons subject to the provisions
hereof, or any of the same, within the State of Maryland, and shall not be