800 LAWS OF MARYLAND [CH. 475

more than twelve months without the consent of the Commis-
sion ; provided, however, the Commission shall have no power
to authorize the capitalization of any franchise to be a cor-
poration, or to authorize the capitalization of any franchise or
the right to own, operate or enjoy any franchise whatsoever in
excess of the amount (exclusive of any tax or annual charge)
actually paid to the State or any political sub-division thereof
as the consideration for the grants of such franchise or right.
Nor shall the capital stock of a corporation formed by the
merger or consolidation of two or more other corporations,
exceed the sum of the capital stock of the corporations so con-
solidated, at par value thereof, or such sum and any additional
sum. actually paid in cash, nor shall any contract for con-
solidation or lease be capitalized in the stock of any corpora-
tion whatever, nor shall any corporation hereafter issue any
bonds against a lien upon any contract for consolidation or
merger.

Approved April 23, 1920.

CHAPTER 475.

AN ACT to amend Article 7 of the Code of Public Local
Laws, title "Carroll County," sub-title "Roads," as
amended by Chapter 365 of the Acts of the General
Assembly of Maryland passed at its January Session in
the year 1906, by adding to said Article a new section
granting additional powers to the County Commissoners
of Carroll County and authorizing and empowering them
to employ a County Road Engineer or Supervisor.
SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Article 7 of the Code of Public Local Laws, title
"Carroll County," sub-title "Roads," as amended by Chap-
ter 365 of the Acts of the General Assembly of Maryland,
passed at its January Session in the year 1906, be and the
same is hereby amended by adding a new section thereto to
follow after Section 138-D, and be designated as Section 138-E,
to read as follows:

SEC. 138-E. The County Commissioners of Carroll County
are hereby authorized and empowered to employ a road
engineer or supervisor who shall have supervision of all work
done on county roads and bridges and inspect all other road
or bridge work in which Carroll County is financially inter-