272 CORPORATIONS. [ART. 23

bonds, evidences of indebtedness or securities in connection with the
organization of a new corporation by any purchaser or purchasers of
the franchises or property of any corporation subject to the provisions
of the Public Service Commission Law sold under any judicial pro-
ceeding or mortgage or deed of trust to such an amount and in such
character as may appear to said Commission necessary, reasonable,
equitable or proper to fully protect the rights, interests and equities,
of the holders of stocks, bonds, evidences of indebtedness or other
securities of the corporation, whose franchises and property have been.
so sold under any judicial proceeding or mortgage or deed of trust;
and (b) To permit the capitalization of the tangible and intangible
property and assets other than the franchise to be a corporation, of
any corporation either newly chartered or organized by any purchaser
or purchasers of the franchises and property of any corporation sold
under judicial proceedings, or mortgage, or deed of trust, in such
amount or in such manner and form as may be made to appear to said
Commission reasonably necessary or proper to enable such corporation
to procure the necessary capital, services or other requisites for con-
structing, equipping, developing, maintaining and operating its prop-
erty, works, plants, facilities and connections for the establishment of
its business as a going concern.