N.Y. Transp. Law § 130

§ 130. Reorganizations. 1. Corporate reorganizations of common\ncarriers shall be subject to the approval of the commissioner.\n 2. Upon all such reorganizations the amount of capitalization,\nincluding therein all stocks and bonds and other evidence of\nindebtedness, shall be such as is authorized by the commissioner which,\nin making his determination, shall not exceed the fair value of the\nproperty involved, taking into consideration its original cost of\nconstruction, duplication cost, present condition, earning power at\nreasonable rates and all other relevant matters and any additional sum\nor sums as shall be actually paid in cash, provided, however, that the\ncommissioner may make due allowance for discount of bonds. Any\nreorganization agreement before it becomes effective shall be amended so\nthat the amount of capitalization shall conform to the amount authorized\nby the commissioner.\n