Section 173-G. Approval of permit or amendment by commissioner of transportation

No terminable permit and no amendment to  any  existing
  license,  grant,  franchise, permit or consent incorporating therein the
  provisions of a terminable permit, shall become operative  or  effective
  until it shall have been approved by the commissioner of transportation.
  The  commissioner of transportation shall have power to approve any such
  terminable permit or amendment, and, upon approval by  him,  every  such
  terminable permit or amendment shall be valid and binding as between the
  parties  thereto as of, from and on the day of the date of the execution
  thereof, in all respects and for all purposes therein expressed.