Franchises

FRANCHISES. Initiative measure adding Section 23c to Article XII of Constitution. Gives Railroad Commission exclusive power to grant determinate or indeterminate franchises for street, interurban and suburban railways, and motor vehicle transportation for compensation upon streets and highways, prescribe terms and conditions thereof, regulate rates thereunder, and accept surrender of all such franchises now or hereafter outstanding; franchises granted hereunder to terminate whenever the State, or its political subdivisions, acquires the property owned or operated thereunder, and to have no pecuniary value in rate fixing or condemnation proceedings thereby; publicly owned public utilities unaffected by provisions hereof