2006 New York Code - 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.