2006 New York Code - Reorganization.

 
    § 89-g. Reorganization.        1.   Reorganizations   of   water-works
  corporations pursuant to sections ninety-six  and  ninety-seven  of  the
  stock  corporation  law  and  such other statutes as may be enacted from
  time to time shall be subject to the  supervision  and  control  of  the
  commission,  and  no  such  reorganization  shall  be  had  without  the
  authorization of such commission.
    2.  Upon  all  such  reorganizations  the  amount  of  capitalization,
  including   therein   all  stocks  and  bonds  and  other  evidences  of
  indebtedness, shall be such as is authorized by the  commission,  which,
  in  making  its  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
  commission  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 commission.