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521
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MARVIN MANDEL, Governor
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11. ISSUANCE OF SECURITIES BY CARRIERS.
(A) "SECURITIES" DEFINED.
AS USED IN THIS SECTION THE TERR "SECURITIES" MEANS
STOCKS; STOCK CERTIFICATES; OR BONDS, MORTGAGES, OTHER
EVIDENCES OF INDEBTEDNESS PAYABLE IN MORE THAN ONE YEAR
FROM DATE OF ISSUANCE, EXCEPT OBLIGATIONS COVERED BY
CONDITIONAL SALES CONTRACTS, OR ANY GUARANTY OF OR
ASSUMPTION OF LIABILITY ON ANY OF THE FOREGOING.
(8) NOT TO ISSUE WITHOUT APPROVAL BY COMMISSION.
SUBJECT TO SUBSECTION (G) OF THIS SECTION, NO
CARRIER SUBJECT TO THIS COMPACT SHALL ISSUE ANY
SECURITIES, OR DIRECTLY OR INDIRECTLY RECEIVE ANY MONEY,
PROPERTY, OR SERVICES IN PAYMENT OF SECURITIES ISSUED OR
TO BE ISSUED BY IT, UNTIL THE COMMISSION, BY ORDER, SHALL
HAVE APPROVED THE ISSUANCE OF SUCH SECURITIES.
(C) PROCEEDINGS BEFORE COMMISSION.
UPON APPLICATION MADE TO IT BY ANY SUCH CARRIER FOR
APPROVAL OF THE ISSUANCE OF SECURITIES, THE COMMISSION,
AFTER AFFORDING REASONABLE OPPORTUNITY FOR HEARING TO
INTERESTED PARTIES, SHALL BY ORDER APPROVE OR DISAPPROVE
THE ISSUANCE OF SUCH SECURITIES. THE COMMISSION SHALL
GIVE ITS APPROVAL IF IT FINDS THAT THE PROPOSED ISSUANCE
OF SECURITIES IS NOT CONTRARY TO THE PUBLIC INTEREST.
(D) TERMS AND CONDITIONS; APPLICATION OF PROCEEDS.
ANY SUCH ORDER OF THE COMMISSION APPROVING THE
ISSUANCE OF SECURITIES SHALL SPECIFY THE PURPOSES FOR
WHICH THE PROCEEDS FROM THE SALE OR OTHER DISPOSITION
THEREOF ARE TO BE USED AND THE TERMS AND CONDITIONS UNDER
WHICH SUCH SECURITIES SHALL BE ISSUED AND DISPOSED OF.
IT SHALL BE UNLAWFUL FOR THE APPLICANT TO APPLY SUCH
PROCEEDS, OR TO ISSUE OR DISPOSE OF SUCH SECURITIES, IN
ANY MANNER OTHER THAN AS SPECIFIED BY THE COMMISSION IN
ITS ORDER.
(E) VOID SECURITIES.
ANY SECURITIES ISSUED IN VIOLATION OF THIS SECTION
SHALL BE VOID.
(F) AUTHORITY OF OTHER COMMISSIONS; OBLIGATIONS
UNDER OTHER LAWS.
NOTHING IN THIS COMPACT SHALL IMPAIR ANY AUTHORITY
OF THE INTERSTATE COMMERCE COMMISSION, THE PUBLIC SERVICE
COMMISSION OF MARYLAND, OR THE STATE CORPORATION
COMMISSION OF VIRGINIA TO REGULATE THE ISSUANCE OF
SECURITIES BY ANY CARRIER WHICH DOES NOT OPERATE
EXCLUSIVELY IN THE METROPOLITAN DISTRICT, OR RELIEVE ANY
CARRIER FROM THE OBLIGATIONS IMPOSED BY THE SECURITIES
ACT OF 1933, AS AMENDED (ACT OF MAY 27, 1933, C. 38
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