State Codes and Statutes

Statutes > New-york > Pbs > Article-4-a > 82-a

§ 82-a. Reorganizations.    1.  Reorganizations  of steam 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 the  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.

State Codes and Statutes

Statutes > New-york > Pbs > Article-4-a > 82-a

§ 82-a. Reorganizations.    1.  Reorganizations  of steam 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 the  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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pbs > Article-4-a > 82-a

§ 82-a. Reorganizations.    1.  Reorganizations  of steam 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 the  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.