Section 69-A. Reorganizations

1. Reorganizations of gas corporations and
  electric 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   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.