J. MILLARD TAWES, GOVERNOR                           705

69.

(a)   "Just and reasonable rates" means rates which are not in
violation of any of the provisions of this article, and which will
result in an operating income to the public service company, except
carriers of inflammables, yielding, after reasonable deduction for
depreciation and other necessary and proper expenses and reserves,
a reasonable return upon the fair value of the company's property
used and useful in rendering service to the public.

(b)  In the exercise of its power to prescribe just and reasonable
rates, and charges for the transportation carriers of flammables by
motor vehicle, and classifications, regulations, and practices relating
thereto, the Commission shall give due consideration, among other
factors, to the inherent advantages of transportation by such car-
riers; to the need, in the public interest, of adequate and efficient
transportation services by such carriers at the lowest cost consistent
with the furnishing of such service; and to the need of revenues
sufficient to enable such carrier, under honest, economical, and effi-
cient management, to provide such service. , AND UPON CONSID-
ERATION OF SUCH MATTERS SHALL ESTABLISH THE
NEED FOR PROPER REVENUE BY DETERMINATION OF A
FAIR AND EQUITABLE OPERATING RATIO, WHICH IS THE
RELATIONSHIP OF CARRIER EXPENSES TO CARRIER OPER-
ATING REVENUES.

72.

The Commission may investigate and ascertain at any time the
fair value of the property of any public service company, except car-
riers of flammables, used and useful in rendering service to the
public. Such valuation shall not become final unless the Commission
serves upon the company concerned a copy of the order fixing the
proposed valuation and the method by which it is arrived at, and
allows a reasonable time in which to file a protest. The valuation
shall become final if no protest is filed within the time specified. If
a timely protest is filed, the Commission shall enter a final order of
valuation after hearing. All final valuations shall be prima facie
evidence of value in proceedings had in pursuance of this Article.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1959.

Approved April 28, 1959.

CHAPTER 546
(Senate Bill 432)

AN ACT to add new Section 194(g) (H) to Article 56 of the Anno-
tated Code of Maryland (1957 Edition), title "Licenses", sub-title

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.
23