ALBERT C. RITCHIE, GOVERNOR, 1133

without first having obtained the permission and approval of
the commission. The commission 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 or 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 assign-
ment, transfer, lease, contract or agreement shall have been
approved by the commission. The permission and approval
of the commission to the exercise of a franchise under this
section, or to the assignment, transfer or lease of a franchise
under this section, 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, or other common
carrier, domestic or foreign, shall hereafter purchase or ac-
quire, take or hold, any part of the capital stock of any rail-
road corporation or street railroad corporation, or other com-
mon carrier organized or existing under or by virtue of the
laws of this State, unless authorized so to do by the Commis-
sion, and save where stock shall be transferred or held for the
purpose of collateral security only with the consent of the
Commission, no stock corporation of any description, domestic
or foreign, other than a railroad corporation, or street rail-
road corporation, or other common carrier, shall purchase or
acquire, take or hold, more than ten per centum of the total
capital stock issued by any railroad corporation, or street rail-
road corporation, or other common carrier organized or exist-
ing 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, assign-
ment, transfer or agreement for transfer or any stock by or
through any person or corporation to any corporation, in viola-
tion of any provision of this sub-title, shall be void and of no
effect, and no such transfer or assignment shall be made upon
the books of any such railroad corporation or street railroad
corporation, or shall be recognized as effective for any purpose.

Approved April 11, 1929.