ALBERT C. RITCHIE, GOVERNOR. 799

448. A gas corporation or electrical corporation organized
or existing, or hereafter incorporated, 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 neces-
sary for the acquisition of property, the construction, comple-
tion, extension or improvement of its plant or distributing
system, or for the improvement or maintenance of its service,
or for the discharge or lawful refunding of its obligations, or
for the reimbursement of moneys actually expended from
income, or from any other moneys in the treasury of the cor-
poration not secured by or obtained from the issue of stocks,
bonds, notes or other evidence of indebtedness of such corpora-
tion, within five years next prior to the filing of an applica-
tion with the Commission for the required authorization 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 expenditures in
such manner as to enable the Commission to ascertain the
amount of moneys so 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
capitalization to conform to the fair value of the property of
such corporation as established by the Commission pursuant
to the provisions of Section 442; provided, and not otherwise,
that there shall have been secured from the Commission an
order authorizing such issue, and the amount thereof, and stat-
ing that in the opinion of the Commission, the use of the
capital to be secured by the issue of such stock, bonds, notes or
other evidences of indebtedness, is reasonably required for the
said purposes of the corporation. For the purpose of enabling
it to determine whether or not it should issue such an order,
the Commission shall make such inquiry or investigation, hold
such hearings and examine such witnesses, books, papers, docu-
ments or contracts as it may deem of importance in enabling
it to reach a determination. Such gas corporation or electrical
corporation may issue notes, for proper corporate purposes,
and not in violation of any provision of this sub-title 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