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Ch. 13
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522
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LAWS OF MARYLAND
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TITLE I, 48 STAT. 74, AS AMENDED), OR FROM THE
OBLIGATIONS IMPOSED BY ANY BLUE SKY OR SIMILAR LAWS OF
THE SIGNATORIES.
(G) EXEMPTION BY COMMISSION.
THE COMMISSION MAY BY REGULATION, ORDER OR
OTHERWISE, TO THE EXTENT DEEMED BY IT TO BE CONSISTENT
WITH THE PUBLIC INTEREST, EXEMPT FROM THE OPERATION OF
THIS SECTION ANY CARRIER WHICH DOES NOT OPERATE
EXCLUSIVELY IN SUCH AREA AND WHICH, BEFORE ISSUING
SECURITIES, MUST OBTAIN THE APPROVAL OF THE INTERSTATE
COMMERCE COMMISSION, THE PUBLIC SERVICE COMMISSION OF
MARYLAND, OR THE STATE CORPORATION COMMISSION OF
VIRGINIA.
12. CONSOLIDATIONS, MERGERS, AND ACQUISITION OF CONTROL.
(A) COMMISSION'S APPROVAL REQUIRED.
IT SHALL BE UNLAWFUL, WITHOUT APPROVAL OF THE
COMMISSION IN ACCORDANCE WITH THIS SECTION—-
(1) FOR TWO OR MORE CARRIERS, ANY ONE OF
WHICH OPERATES IN THE METROPOLITAN DISTRICT, TO
CONSOLIDATE OR MERGE THEIR PROPERTIES OR FRANCHISES, OR
ANY PART THEREOF, INTO ONE PERSON FOR THE OWNERSHIP,
MANAGEMENT, OR OPERATION OF PROPERTIES THERETOFORE UNDER
SEPARATE OWNERSHIP, MANAGEMENT, OR OPERATION; OR
(2) FOR ANY CARRIER WHICH OPERATES IN THE
METROPOLITAN DISTRICT OR ANY PERSON CONTROLLING,
CONTROLLED BY OR UNDER COMMON CONTROL WITH, SUCH A
CARRIER (I) TO PURCHASE, LEASE, OR CONTRACT TO OPERATE
THE PROPERTIES, OR ANY SUBSTANTIAL FART THEREOF, OF ANY
CARRIER WHICH OPERATES IN SUCH METROPOLITAN DISTRICT, OR
(II) TO ACQUIRE CONTROL, THROUGH OWNERSHIP OF ITS STOCK
OR OTHERWISE, OF ANY CARRIER WHICH OPERATES IN SUCH
METROPOLITAN DISTRICT.
(B) PROCEEDINGS BEFORE COMMISSION.
ANY PERSON SEEKING APPROVAL OF ANY TRANSACTION TO
WHICH SUBSECTION (A) APPLIES SHALL MAKE APPLICATION TO
THE COMMISSION IN ACCORDANCE WITH SUCH REGULATIONS AS THE
COMMISSION SHALL PRESCRIBE. IF, AFTER HEARING HELD UPON
REASONABLE NOTICE, THE COMMISSION FINDS THAT, SUBJECT TO
SUCH TERMS, CONDITIONS, AND MODIFICATIONS AS IT SHALL
FIND TO BE NECESSARY, THE PROPOSED TRANSACTION IS
CONSISTENT WITH THE PUBLIC INTEREST, IT SHALL ENTER AN
APPROPRIATE ORDER APPROVING AND AUTHORIZING SUCH
TRANSACTION AS SO CONDITIONED.
(C) UNLAWFUL OWNERSHIP, OPERATION, ETC.
IT SHALL BE UNLAWFUL TO CONTINUE TO MAINTAIN OR
EXERCISE ANY OWNERSHIP, MANAGEMENT, OPERATION OR CONTROL
ACCOMPLISHED OR EFFECTUATED IN VIOLATION OF SUBSECTION
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