Section 107. Approval of the use of revenues  


Latest version.
  • 1. Except with the consent and
      approval  of  the  commission  first had and obtained, no public utility
      shall use revenues received from the rendition of public service  within
      the  state  for  any  purpose  other than its operating, maintenance and
      depreciation  expenses,  the  construction,  extension,  improvement  or
      maintenance   of   its  facilities  and  service,  the  payment  of  its
      indebtedness and interest thereon, and the payment of dividends  to  its
      stockholders.
        2.  Notwithstanding  subdivision one of this section, such consent and
      approval requested by a telephone corporation shall be deemed granted by
      the  commission  ninety  days  after  the  corporation  applies  to  the
      commission  for such consent and approval, unless the commission, or its
      designee, determines within such  ninety  day  period  that  the  public
      interest requires the commission's review and written consent.