720 LAWS OF MARYLAND.

road corporation, or street railroad corporation of the exercise
of any such franchise or right, in so far as it is then actually
being exercised for the public service; but every common carrier,
railroad corporation, or street railroad corporation shall have
the right to discontinue the operation of any portion or all of
any of its existing lines whenever any franchise under which
any line or any portion of same is operated, shall have been
repealed by Act of the Legislature or any municipal corporation
or other governing body; provided said common carrier, railroad
corporation, or street railroad corporation can show that they are
not earning, at the time of such repeal, their operating expenses
and other fixed charges upon the whole of such line, or upon
such part thereof where any existing franchise shall have been
repealed.

SEC. 27 1/2. Subject in every respect to the authority and
supervision conferred upon the Commission by the next preced-
ing Section, a common carrier, a railroad corporation, street
railroad corporation, or other corporation subject to the pro-
visions 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 evidences of indebtedness,
payable at periods of more than twelve months after the date
thereof, when necessary for the capitalization of its earnings
expended prior to the first day of April, nineteen hundred and
fourteen, in the acquisition of property, the construction, main-
tenance, completion, extension or improvement of its facilities;
provided that the applicant shall have kept its accounts and
vouchers in such manner as will enable the Commission to ascer-
tain the amount so expended and the purposes for which such
expenditures were made, and that application for the order of
the Commission authorizing such issue shall be made on or before
the first day of April, nineteen hundred and fifteen, and pro-
vided further, that the legal validity and effectiveness of any
order of the Commission made prior to January first, nineteen
hundred and fourteen, authorizing and approving an issue of
stock for the capitalization of earnings expended in the acquisi-
tion of property, or in the improvements, maintenance or exten-
sion of facilities, shall not be in anywise affected, restricted or
impaired by anything contained in this Act, and every such
order is hereby ratified and confirmed.

SEC. 33 1/2. The provisions of the next preceding Section for-
bidding any gas corporation or electrical corporation incorpo-
rated under the laws of this or any other State, to begin con-