Section 107. Approval of the use of revenues

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.