§ 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.