Section 101-A. Reorganization

1. Reorganization of telegraph and telephone
  corporations  pursuant  to  sections  ninety-six and ninety-seven of the
  stock corporation law 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.