878 LAWS OF MARYLAND. [CH. 408

regulation and control of public service corporations and public
utilities, and making appropriations therefor," be and the same
are hereby repealed and re-enacted to read as follows:

Section 27. A common carrier, railroad corporation, street
railroad corporation, or other corporation subject to the provi-
sions of this Act, organized or existing, or hereafter incorpo-
rated, under or by virtue of the laws of the State of Maryland,
may issue stocks, bonds, notes or other evidence of indebtedness,
payable at periods of more than twelve months after the date
tnereof, when necessary for the acquisition of property, the
construction, completion, extension or improvement of its
facilities, or for the improvement or maintenance of its
service, or the discharge or lawful refunding of its ob-
ligation, or When necessary or desirable, in the discretion
of the commission, to cause the aggregate capitalization to con-
form to the fair value of the property of such corporation as
established by the commission pursuant to the provisions of
section 30 of this Act; provided, and not otherwise, that there
shall have been secured from the commission an order author-
izing 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 stocks, bonds or other evidence
of indebtedness is reasonably required for the said purposes
of the common carrier, railroad corporation, street railroad
corporation, or such corporations, but this provision shall not
apply to any lawful issue of stock, to the lawful execution and
delivery of any mortgage, or to the lawful issue of bonds there-
under, before the time when this Act becomes a law. For the
purpose of enabling it to determine whether it should issue such
an order the commission shall make such inquiry or investiga-
tion, hold such hearings, and examine such witnesses, books, pa-
pers, documents or contracts as it may deem of importance in
enabling it to reach a determination. Such common carrier may
issue notes for proper corporate purposes, and not in violation
of any provision of this or any other act, payable at periods of
not more than twelve months, without such consent, but no
such notes shall in whole or in part, directly or indirectly, be
refunded by any issue of stock or bonds, or by any evidence of
indebtedness running for more than twelve months, without
the consent of the commission; provided, however, that the
commission shall have no power to authorize the capitalization
of any franchise to be a corporation or to authorize the capital-
ization of any franchise or right to own, operate or enjoy any
franchise whatsoever in excess of the amount (exclusive of any