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of consolidation mentioned in paragraph 5 and
must be approved by the Commission.
b. The bonds at par of the corporation which
is to become the owner of the consolidated prop-
erties, together with the outstanding capital stock
at par of such corporation, shall not exceed the value
of the consolidated properties as determined by the
Commission. The value of the properties sought to
be consolidated shall be ascertained by the Com-
mission under section 19a of this Act, and it shall
be the duty of the Commission to proceed immedi-
ately to the ascertainment of such value for the
properties involved in a proposed consolidation upon
the filing of the application for such consolidation.
c. Whenever two or more carriers propose a
consolidation under this section they shall present
their application therefor to the Commission, and
thereupon the Commission shall notify the Gover-
nor of each State in which any part of the prop-
erties sought to be consolidated is situated and the
carriers involved in the proposed consolidation, of
the time and place for a public hearing. If after
such hearing the Commission finds that the public
interest will be promoted by the consolidation and
that the conditions of this section have been and
will be fulfilled, it may enter an order approving
and authorizing such consolidation, with such modi-
fications and upon such terms and conditions as it
may prescribe, and thereupon such consolidation
may be effected, in accordance with such order, if

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Publication Information: Book Title: Consolidation of Railroads. Contributors: Walter M. W. Splawn - author. Publisher: The Macmillan Company. Place of Publication: New York. Publication Year: 1925. Page Number: 3.
    
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