MISCELLANEOUS BILLS. 369

shall have power to grant the permission and approval herein
specified whenever it shall, after due hearing, determine that
such construction or such exercise of the franchise or privilege
is necessary or convenient for the public service.

No franchise, nor any right to or under any franchise to own
r operate a railroad or street railroad, shall be assigned,
transferred or leased, nor 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 Com-
mission to the exercise of a franchise under this section, or to
the assignment, transfer or lease of a franchise under this sec-
tion, 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, domestic or for-
eign, shall hereafter purchase or acquire, take or hold, any
part of the capital stock of any railroad corporation or street
railroad corporation, 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 "collateral se-
curity only with the consent of the Commission, no stock cor-
poration of any description, domestic or foreign, other than a
railroad corporation, or street ,railroad corporation, 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 of any stock by or through any person or cor-
poration to any corporation, in violation of any provision of
this Act, shall be void and of no effect, and no such transfet
or assignment shall be made upon the books of any such rail-
road corporation or street railroad corporation, or shall be
recognized as effective for any purpose.

APPROVAL OF ISSUES OF STOCK: MERGER.

SEC. 27. And be it further enacted, That a common carrier,
railroad corporation, street railroad corporation, or other cor-
poration subject to the provisions of this Act, organized or
existing, or hereafter incorporated, under or by virtue of the
laws of the State of Maryland, may issue stocks, bonds, notes