Section 99. Franchises and privileges

1.   No telegraph corporation or
  telephone corporation hereafter formed shall begin construction  of  its
  telegraph  line  or  telephone  line  without  first having obtained the
  permission and approval of the commission and its certificate of  public
  convenience  and  necessity  and  the  required  consent  of  the proper
  municipal  authorities.    Notwithstanding  the  foregoing,   any   such
  certificate  shall be deemed to be granted by the commission ninety days
  after such corporation applies to  the  commission  for  a  certificate,
  unless  the  commission,  or its designee, determines within such ninety
  day period that the public interest requires the commission's review and
  its written order.
    2.  No franchise nor any right to or under any  franchise  to  own  or
  operate   a   telegraph  line  or  telephone  line  shall  be  assigned,
  transferred or leased, nor shall any  contract  or  agreement  hereafter
  made with reference to or affecting any such franchise or right be valid
  or  of  any force or effect whatsoever, unless the assignment, transfer,
  lease, contract or agreement shall have been approved by the commission.
  No telephone corporation shall transfer or lease its works or system  or
  any  part  of such works or system to any other person or corporation or
  contract for the operation of its works or system, without  the  written
  consent  of  the  commission.  Notwithstanding  the  foregoing, any such
  transfer or lease between affiliated corporations with an original  cost
  of  (a)  less  than one hundred thousand dollars proposed by a telephone
  corporation having annual  gross  revenues  in  excess  of  two  hundred
  million  dollars, (b) less than twenty-five thousand dollars proposed by
  a telephone corporation having annual gross revenues of  less  than  two
  hundred  million  but more than ten million dollars or (c) less than ten
  thousand dollars proposed by a telephone corporation having annual gross
  revenues of less than ten million dollars  and  any  other  transfer  or
  lease  between  non-affiliates  regardless  of  cost  shall be effective
  without the commission's written consent within ninety days  after  such
  corporation  notifies  the  commission  that  it  plans to complete such
  transfer or lease and submits a description of the  transfer  or  lease,
  unless  the  commission,  or its designee, determines within such ninety
  days that the public  interest  requires  the  commission's  review  and
  written consent.
    3. The approval of the commission to the exercise of a franchise or to
  the  assignment, transfer or lease of a franchise shall not be construed
  to revive or validate any lapsed or invalid franchise or to  enlarge  or
  add to the powers and privileges contained in the grant of any franchise
  or to waive any forfeiture.