N.Y. Transportation Law § 130: Reorganizations

§ 130. Reorganizations. 1. Corporate reorganizations of common

carriers shall be subject to the approval of the commissioner.

2. Upon all such reorganizations the amount of capitalization,

including therein all stocks and bonds and other evidence of

indebtedness, shall be such as is authorized by the commissioner which,

in making his determination, shall not exceed the fair value of the

property involved, taking into consideration its original cost of

construction, duplication cost, present condition, earning power at

reasonable rates and all other relevant matters and any additional sum

or sums as shall be actually paid in cash, provided, however, that the

commissioner may make due allowance for discount of bonds. Any

reorganization agreement before it becomes effective shall be amended so

that the amount of capitalization shall conform to the amount authorized

by the commissioner.