-Held, that this act permitted such issue to corporations formerly restricted to a less amount, but did not restrict the powers of corporations already possessing power to create a greater bonded indebtedness. - Thatcher v. Consumers' Gas Co., N. J. Eq. 66 Atl. 934.

§ 70. Approval of transfer of franchise; *[holding companies].- No gas corporation or electrical corporation shall transfer or lease its franchises, works or system or any part of such franchise, works or system to any other person or corporation or contract for the operation of its works and system, without the written consent of the proper commission. The permission and approval of the commission, to the exercise of a franchise under section sixty-eight of this act, or to the assignment, transfer or lease of a franchise under this section shall not be construed to revive or validate any lapsed or invalid franchise or to enlarge or add to the powers and privileges contained in the grant of any franchise or to waive any forfeiture. No such corporation shall directly or indirectly acquire the stock or bonds of any other corporation incorporated for, or engaged in, the same or a similar business, or proposing to operate or operating under a franchise from the same or any other municipality, unless authorized so to do by the commission. Save where stock shall be transferred or held for the purpose of collateral security only with the consent of the commission empowered by this act to give such consent, no stock corporation of any description, domestic or foreign, other than a gas or electrical corporation, shall purchase or acquire, take or hold, more than ten per centum of the total capital stock issued by any gas corporation or electrical corporation organized or existing under or by virtue of the laws of this state. Nothing herein contained shall be construed to prevent the holding of stock heretofore lawfully acquired. Every contract, assignment, transfer or agreement for transfer of any stock by or through any person or corporation to any corporation, in violation of any provision of this act, shall be void and of no effect, and no such transfer or assignment shall be made upon the books of any such gas corporation, or electrical corporation, or shall be recognized as effective for any purpose.

Power of former Gas and Electricity Commission as to the transfer of franchises and the acquiring of stocks or bonds of other corporations, see N. Y. Gas & El. Com. Act, § 13.

Words in brackets not a part of section heading as enacted.-Ed.

Approval of transfer of franchises by railroad corporations,— see ante, § 54. General power of the state to regulate property devoted to public use,see ante, § 1, notes [1]-[22].

Exemption from public control,- see ante, § 1, notes [16]-[21]. General rules of statutory construction,-see ante, § 1, notes [23]-[40]. Effect of receivership on power to regulate,- see ante, § 2, note [15]. Effect of vacancies on power of Commission,- see ante, § 4, note [5]. Validity of commission plan of regulation, see ante, § 4, note [14].

A corporation cannot disable itself by contract from the performance of public duties which it has undertaken.- Gibbs v. Consolidated Gas Co., 130 U. S. 396, 9 Sup. Ct. R. (U. S.) 553.

The sale of the franchise of an insolvent electrical corporation, at public auction by the receiver, transfers to the purchaser all the rights vested in the defunct corporation by the original franchise grant.— Matter of Long Acre El. L. & P. Co., 188 N. Y. 361.

A gas corporation, without legislative sanction or authority, executed a lease of its property and franchises to another corporation, which entered into possession of the demised property and used the same.— Held, that while as to the public such lease was void, as to the lessee, not being malum in se or malum prohibitum, it was not absolutely void, and there could be recovery of rent due under the lease.- Bath Gas L. Co. v. Claffy, 151 N. Y. 24, 45 N. E. 390, 36 L. R. A. 664, affg. s. c. 74 Hun (N. Y.), 638, 26 N. Y. Supp. 287.

The court will deny the application of the attorney-general of the state for leave to bring an action to annul a corporation on the grounds that it was formed by an unlawful merger and that it constitutes an unlawful monopoly, where it does not appear that the corporation has been guilty of serious transgressions or acts materially harming the public.— Matter of Consolidated Gas Co., 56 Misc. (N. Y.) 49.

The provisions of N. Y. Stock Corporation Law, § 40, authorizing one corporation to acquire and hold the stock of other corporations on certain conditions, are not affected by L. 1897, ch. 383, and L. 1890, ch. 690, known as the Anti-Monopoly Statutes. Transfers of stock pursuant to that section are not prohibited by the New York laws against monopoly.— Matter of Consolidated Gas Co., 56 Misc. (N. Y.) 49.

A lease by one gas company to another of its works and property for five years with privilege of renewal for five years longer, is invalid, as against non-consenting stockholders.- Copeland v. Citizens' Gas L. Co., 61 Barb. (N. Y.) 60.

A private gas corporation cannot by contract with another gas company disable itself from performing its duty to the public.- Chicago Gas L. Co. v. People's Gas L. Co., 121 Ill. 530, 13 N. E. 169.

Consolidated companies become vested with the rights and privileges of the merging companies and are bound by all their obligations.- People's Gas L. & C. Co. v. Hale, 94 Ill. App. 406.

§ 71. Complaints as to quality and price of gas and electricity; investigation by commission; forms of complaints. Upon the complaint in writing of the mayor

of a city, the trustees of a village or the town board of a town in which a person or corporation is authorized to manufacture, sell or supply gas or electricity for heat, light or power, or upon the complaint in writing of not less than one hundred customers or purchasers of such gas or electricity in cities of the first or second class, or of not less than fifty in cities of the third class, or of not less than twenty-five elsewhere, either as to the illuminating power, purity, pressure or price of gas or the initial efficiency of the electric incandescent lamp supply, or the regulation of the voltage of the supply system used for incandescent lighting, or price of electricity sold and delivered in such municipality, the proper commission shall investigate as to the cause for such complaint. When such complaint is made, the commission may, by its agents, examiners and inspectors, inspect the works, system, plant and methods used by such person or corporation in manufacturing, transmitting and supplying such gas or electricity, and may examine or cause to be examined the books and papers of such person or corporation pertaining to the manufacture, sale, transmitting and supplying of such gas or electricity. The form and contents of complaints made as provided in this section shall be prescribed by the commission. Such complaints shall be signed by the officers, or by the customers, purchasers or subscribers making them, who must add to their signatures their places of residence, by street and number, if any.

Power of Commissioner of Water Supply, Gas and Electricity of The City of New York, as to the inspection and testing of gas and electricity supplied to the city,- see Greater N. Y. Ch., §§ 469, 519.

City Inspectors of Illuminating Gas,- see Greater N. Y. Ch., § 522.

Parallel provisions of New York Gas and Electricity Commission Act, see N. Y. Gas & El. Com. Act, §§ 15, 16.

Complaints as to rates of, or service by, common carriers,—see ante, § 48.

General rules of statutory construction,—see ante, § 1, notes [23]-[40]. Effect of vacancies on power of Commission,- see ante, § 4, note [5]. Validity of commission plan of regulation,- see ante, § 4, note [14]. Commissions as administrative bodies,- see ante, § 4, note [15]. Compelling production of books and papers,- see ante, § 19, notes [3]-[6].

Punishment of witnesses for contempt,- see ante, § 19, notes [7]-[12]. Commission not bound by technical rules of procedure,- see ante, § 20, note [1].

Principles governing allowance of amendments to complaints,- see ante, § 20, note [1]. Immunity of witnesses,

see ante, § 20, notes [2]-[9]. General power of Commission to conduct investigation,- see ante, § 48, note [1].

§ 72. Notice and hearing; order fixing price of gas or electricity, or requiring improvement.- Before proceeding under a complaint presented as provided in section seventyone, the commission shall cause notice of such complaint, and the purpose thereof, to be served upon the person or corporation affected thereby. Such person or corporation shall have an opportunity to be heard in respect to the matters complained of at a time and place to be specified in such notice. If an investigation be instituted upon motion of the commission the person or corporation affected by the investigation may be permitted to appear before the commission at a time and place specified in the notice and answer all charges which may be preferred by the commisAfter a hearing and after such investigation as may have been made by the commission or its officers, agents, examiners or inspectors, the commission within lawful limits may, by order, fix the maximum price of gas or electricity to be charged by such corporation or person, or may order such improvement in the manufacture or supply of such gas, in the manufacture, transmission or supply of such electricity, or in the methods employed by such person or corporation, as will in its judgment improve the service. The price so fixed by the commission shall be the maximum price to be charged by such person or corporation for gas or elec

tricity in such municipality until the commission shall upon complaint as provided in this section or upon an investigation conducted by it on its own motion, again fix the maximum price of such gas or electricity. In determining the price to be charged for gas or electricity the commission may consider all facts which in its judgment have any bearing upon a proper determination of the question although not set forth in the complaint and not within the allegations contained therein.

Similar provisions as to hearings before former Gas and Electricity Commission,- see N. Y. Gas & El. Com. Act, § 17.

Procedure upon investigation of complaints against common carriers, see ante, §§ 11, 19, 20, 45, 48.

Power of commissions to fix rates and service of common carriers,— see ante, § 49.

General rules of statutory construction,—see ante, § 1, notes [23]-[40]. Where hearings will be held,- see ante, § 19, note [1].

Compelling production of books and papers,- see ante, § 19, notes [3]-[6].

Punishment of witnesses for contempt,- see ante, § 19, notes [7]-[12]. Commission not bound by technical rules of procedure,- see ante, § 20, note [1].

Immunity of witnesses, see ante, § 20, notes [2]-[9].

Effect of orders of Commission,- see ante, § 23, notes [1]-[3].

Review of orders,- see ante, § 23, notes [5]-[9].

Judicial restraint of orders,- see ante, § 23, notes [10-[19].

Federal interference with orders of state commissions,- see ante, § 23, notes [20]-[28].

Judicial enforcement of orders,- see ante, § 57, notes.

General power to investigate,- see ante, § 66, note [6].

Right of gas corporation to require deposit to secure payment for gas consumed, see ante, § 66, note [11].

Restraining collection of unreasonable rates,—see post, § 74, note. Unlawful charge as defense to action to recover for gas or electricity used,- see post, § 75, note.

[1] Legislative control over rates and charges. In general. General power of the state to regulate property devoted to public use,see ante, § 1, notes [1]-[22].