SPIRO T. AGNEW, Governor                        925

(1965 Replacement Volume), title "Public Service Commission Law,"
subtitle "Public Service Companies," subheading "Prohibitions," be
and it is hereby repealed and re enacted, with amendments, to read
as follows:

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEM-
BLY OF MARYLAND, THAT NEW SECTION 54A BE AND IT IS
HEREBY ADDED TO ARTICLE 78 OF THE ANNOTATED CODE
OF MARYLAND (1965 REPLACEMENT VOLUME), TITLE
"PUBLIC SERVICE COMMISSION," SUBTITLE "GAS AND
ELECTRIC COMPANIES," TO FOLLOW IMMEDIATELY AFTER
SECTION 54 THEREOF, AND TO READ AS FOLLOWS:

(b) Hereafter, no public service company shall, without the prior
authorization of the Commission:

(1) Assign, lease or transfer any franchise or right thereunder
or enter into any agreement or contract materially affecting such
franchise or right;

(2) Purchase, acquire, take or hold any part of the capital stock.

of any other public service company organized or existing under or
by virtue of the laws of this State;

(3) Abandon or discontinue in whole or in part the exercise of
any franchise or right;

(4) Assume or guarantee any obligation or liability in any capa-
city or by any means in respect of stocks, bonds, securities, notes or
other evidence of indebtedness of any person, payable in whole or in
part more than twelve months after the date thereof. This subpara-
graph shall apply only to corporations organized or existing or here-

after incorporated under or by virtue of the laws of this State.

(6) Acquire any property or any property interest by means of

condemnation or eminent domain proceedings.

54A.

NO ELECTRIC COMPANY MAY EXERCISE THE RIGHT OF
EMINENT DOMAIN FOR THE PURPOSE OF CONSTRUCTING
BEGIN THE CONSTRUCTION IN MARYLAND OF A GENER-
ATING STATION OR ANY OVERHEAD TRANSMISSION LINE
CARRYING A VOLTAGE IN EXCESS OF 65,000 VOLTS, OR
BEGIN ANY CONSTRUCTION THEREOF, DESIGNED TO
CARRY A VOLTAGE IN EXCESS OF 69,000 VOLTS, OR
EXERCISE THE RIGHT OF EMINENT DOMAIN IN CON-
NECTION THEREWITH, WITHOUT HAVING FIRST OB-
TAINED FROM THE COMMISSION A CERTIFICATE OF
PUBLIC CONVENIENCE AND NECESSITY FOR THE CON-

24.

(5) Issue stocks, bonds, securities, notes, or any other evidence of

indebtedness payable in whole or in part more than twelve months

after date of issuance. Such stocks, etc., shall be issued in accordance
with Sections 65 and 656 of this article. This subparagraph shall apply
only to corporations organized or existing or hereafter incorporated

under or by virtue of the laws of this State.