338                               Laws of Maryland                      [Ch. 277

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961. JANUARY 1, 1963.

Approved April 24, 1961.

CHAPTER 277
(Senate Bill 309)

AN ACT to repeal and re-enact, with amendments, Section 65 (a) of
Article 78 of the Annotated Code of Maryland (1957 Edition),
title "Public Service Commission Law", sub-title "Functions, Du-
ties and Powers of the Commission", sub-heading "Financial Struc-
ture, Records and Reports of Public Service Companies", to author-
ize public service companies under the jurisdiction of the Public
Service Commission of Maryland to issue stock dividends with con-
sent of the Commission.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 65 (a) of Article 78 of the Annotated Code of Mary-
land (1957 Edition), title "Public Service Commission Law", sub-
title "Functions, Duties and Powers of the Commission", sub-heading
"Financial Structure, Records and Reports of Public Service Com-
panies", is hereby repealed and re-enacted, with amendments, to read
as follows:

65.

(a). The Commission shall authorize the issuance by any public
service company of stocks, bonds, securities, notes or other evidences
of indebtedness, payable in whole or in part more than twelve months
after the date of issuance, if, and only if, it finds that such issuance
is reasonably required for (I) (i) the acquisition by the issuing com-
pany of property or (II) (ii) the construction, completion, extension
or improvement of its facilities, or (III) (iii) the discharge or lawful
refunding of its obligations, or (IV) (iv) the maintenance or im-
provement of service, or (V) (v) the reimbursement or OF moneys
(not secured by or obtained from such issuance) expended for any
of the purposes enumerated in items (I) (i) through (III) (iii) of
this subsection, within five years next prior to the filing of an appli-
cation with the Commission for such reimbursement, or (VI) (vi)
such issuance may also be authorized by the Commission in its dis-
cretion, (1) for the purpose of making the aggregate capitalization
of the company to conform to the value of its property or (2) for
the payment of a dividend in shares of the company's own stock if
the order of the Commission authorizing such issuance states that
concurrently with such issuance the company will transfer from
surplus to capital an amount to be determined by the Commission,
but in no event less than the aggregate par value, or the capital
value (if without par value), of the stock whose issuance is so-
authorized, and that a sum equal to the amount to be so transferred

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.