ALBERT C. RITCHIE, GOVERNOR. 797

SEC. 8. And be it further enacted, That this Act shall take
effect from and after the first day of June, A. D. 1920.
Approved April 23, 1920.

CHAPTER 474.

AN ACT to repeal and re-enact, with amendments, Sections
439 and 448 of Article XXIII of the Annotated Code of
the Public General Laws of Maryland, title "Corpora-
tions," sub-title "Public Service Commission," by pro-
viding the purposes for which public service corporations
may issue stocks, bonds, notes or other evidences of
indebtedness.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 439 and 448 of Article XXIII of the
Annotated Code of the Public General Laws of Maryland,
title "Corporations," sub-title "Public Service Commission,"
be, and the same are hereby repealed and re-enacted" with
amendments to read as follows:

439. A common carrier, railroad corporation, street rail-
road corporation, or other corporation subject to the pro-
visions of this sub-title, organized or existing, or hereafter
incorporated, under or by. virtue of the laws of the State of
Maryland, may issue stock, bonds, notes or other evidence of
indebtedness, payable at periods of more than twelve months
after the date thereof, when necessary for the acquisition of
property, the construction, completion, extension or improve-
ments of its facilities, or for the improvement or maintenance
of its service, or the discharge or lawful refunding of its
obligation, or for the reimbursement of moneys actually ex-
pended from income, or from any other moneys in the treasury
of the corporation not secured by or obtained from the issue
of stocks, bonds, notes or other evidence of indebtedness of
such corporation, within five years next prior to the filing of
an application with the Commission for the required authoriza-
tion for any of the aforesaid purposes, except maintenance of
service and except replacements, in cases where the applicant
shall have kept its accounts and vouchers of such expendi-
tures in such manner as to enable the Commission to ascertain
the amount of moneys expended and the purposes for which
such expenditure was made, or when necessary or desirable,
in the discretion of the Commission, to cause the aggregate