N.Y. Public Service Law 101-A – Reorganization
§ 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.
Terms Used In N.Y. Public Service Law 101-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
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.