1. Reorganization of telegraph and telephone corporations pursuant to sections ninety-six
and ninety-seven of the stock corporation law 1 and such other laws 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 evidence 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.
Repealed by L.1966, c. 664, § 16, eff. Sept. 1, 1967.
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