Section 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.