§ 130. Reorganizations. 1. Corporate reorganizations of common
carriers shall be subject to the approval of the commissioner.

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 commissioner which,
in making his 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
commissioner 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 commissioner.